- Trading Name: Payabl (Payabl.)
- Legal Entities: Payabl.cy Ltd
- Activities: high-risk payment processor
- Location: Cyprus, Germany
- Regulations: regulated
- Key People: Ugne Buraciene, Sean Forward, Dietmar Knoechelmann, Ruediger Trautmann
Payabl (previously Powercash21) is a regulated Payments Institution and merchant service provider specializing in acquiring, issuing, and mobile Payments with a license granted by the Central Bank of Cyprus with license No: 188.8.131.52/2018.
Payabl is a principal member of Visa and MasterCard with the acquisition and issuance of certifications and local payment solutions.
The company was co-founded in 2016 by the former Wirecard executives Ruediger Trautmann, Dietmar Knoechelmann, and his wife Ayelet (Fruchtlander) Knoechelmann (LinkedIn). The current directors are Franky RC Schoonbaert (LinkedIn), Nissim Zarfati (LinkedIn), and Ruediger Trautmann (LinkedIn).
In May 2022, Payabl led a seed financing round for FINMA-regulated FinTech Klarpay (PC42 profile) for CHF 3 million.
Former notorious Wirecard short-seller Fraser Perring claims in a famous Zatarra Reportthat Trautmann and Knoechelmann were still active in the Wirecard environment after their official departure. PowerCash21 (now Payabl) is said to have been one of the satellite companies in the Wirecard shadow organization. Trautmann is the CEO of Payabl Solutions, the German branch of the group.
Payabl specializes in online merchants focusing on high-risk industries such as porn, gambling, and finance. Almost the entire transaction volume is processed with these.
The offer includes payment services based on a payment gateway with more than 100 payment methods and prepaid cards. Also included are the usual features such as risk management or payment reconciliation.
The website does not provide any information on prices and conditions.
Wirecard Crown Witness Told Court That Payabl Founder May Have Established The Asian Connection!
German prosecutors believe Dubai and Asia hold the key to uncovering the Wirecard scheme. This is also where the (actually non-existent ) billions are said to have been located in escrow accounts. Oliver Bellenhaus was the director for Wirecard in Dubai at the time and has already admitted that he was involved in faking the non-existent third-party business to the auditors via fake documents. The then Wirecard COO Ruediger Trautmann could have made the initial contact with the Asian trustees, Bellenhaus told the court.
Payabl is a regulated and well-funded payment processor. The details about the operators are comprehensive, and an impressive social media presence shows that the company does not want to hide. However, the Wirecard background of the founders is a risk factor that should not be underestimated at this time. We have therefore placed Payabl on our Orange Compliance list.