Paypound is an unregistered high-risk payment processor said to be a successor of the vanished iPayTotal Group and OctaPay. They have been notorious facilitators of scams and cybercrime ventures. Paypound is a shabby payment processor with changing legal entities and people. Some companies have already disappeared, as with iPayTotal or OctaPay.
The dissolved operator
The Indian IT entrepreneur Puttana used to be the director of Quidpay Limited, another company dissolved via compulsory strike-off in 2019. According to its website, Quidpay (wwwquidpay.io) operates in Nigeria. However, its website is not working correctly.
The other operators
Since October 2021, the Paypound website has stated SELF PAY IO LTD, registered in the UK Companies House with company number 13545186 as the operating entity. Since Sept 2021, the company’s director is the Panamanian Ana Raquel Ortega Arauz, listed in OpenCorporates as a director in a dozen other companies.
The beneficial owner of SELF PAY IO is listed as Next Ring Llc, registered in the Islands of Nevis in the Caribbean Sea. The Paypound website also lists Next Ring as the contact.
Given its dubious ownership structure and the rumored proximity to the iPayTotal Group, we include Paypound in our Red Compliance Light list.