Update: Payvision and the Amsterdam-Based SafeNed Fourthline Fintech Group

As legal proceedings against the Veltyco Cybercrime Scheme, associated with Uwe Lenhoff, are set to commence in Germany, it’s noteworthy that several of Lenhoff’s shell companies were clients of Payvision. Currently, Payvision, now a subsidiary of ING, is in the process of winding down its operations. Meanwhile, the fintech ecosystem at Tesselschadestraat 12 in Amsterdam continues to thrive. Many entities registered at this address are under the control of Payvision’s founder, Rudolf Booker, including Safened, Fourthline, and the Ardys family office. Safened operates as an FCA-authorized Payment Institution, Fourthline offers compliance solutions to other fintech companies, and Ardys serves as Booker’s family office.​

Key Entities and Individuals

The following table outlines the key entities associated with this network, along with their jurisdictions and related individuals:​

The Payvision Controversy

In April 2020, following its acquisition by ING, Payvision’s founders—Rudolf Booker, Gijs op de Weegh, and Cheng Liem Li—departed from the company. The acquisition proved problematic for ING, as it emerged that a significant portion of Payvision’s transaction volume involved merchants in ethically questionable sectors such as pornography and gambling, as well as dealings with scam operators and cybercrime organizations. Consequently, ING decided to wind down Payvision, which it had acquired just two years earlier, in spring 2018, for €360 million—a move considered a substantial misstep.​

Reports indicate that ING has sold significant portions of Payvision’s high-risk business back to its founders for a nominal fee. This divested segment includes merchants involved in pornography and gambling.​

Legal documents from authorities in Germany and Austria reveal close ties between former Payvision CEO Rudolf Booker and alleged cybercrime mastermind Uwe Lenhoff, who died in prison in 2020. Lenhoff not only utilized Payvision to launder illicit funds but also acted as a sales agent for the Amsterdam-based fintech, recruiting other cybercrime-linked merchants such as Gal Barak. Barak was sentenced in 2020 for investment fraud and money laundering, receiving several years in prison and over €4 million in restitution orders. Millions of euros from scams orchestrated by Lenhoff and Barak were funneled through Payvision, resulting in substantial consumer losses.​

Safened and Fourthline: Current Developments

Rudolf Booker, Gijs op de Weegh, and their long-time associate Tony Solomon have taken on directorial roles at the FCA-regulated payment institution Safened Ltd. Subsidiaries of this entity include the SEC-regulated broker-dealer Safened US, Inc., based in Delaware, and SafeNed Deposits B.V. Collectively, these companies function as a global liquidity provider for financial institutions and corporate clients.​

Until at least September 2021, the Amsterdam-registered Fourthline B.V. (formerly SafeNed-Fourthline B.V.) (KvK 58905413) held a license from the Dutch Authority for the Financial Markets (AFM) and was registered as a payment institution with De Nederlandsche Bank (DNB). However, Fourthline has since transitioned into a compliance and Know Your Customer (KYC) solution provider for fintech companies and financial institutions. Co-founded by CEO Krik Gunning, the company’s management team also includes Chief Financial Risk Officer Chris van Straeten, both of whom are involved in other entities located at Tesselschadestraat 12.​

Call for Information

If you are a partner or client of the entities based at Tesselschadestraat 12 or have insights into Payvision and its associated activities, we encourage you to share your information with us.​