Whistleblower Report – Examining the Payment Processor and Business Incubator OpenUp

Acknowledgment

We extend our gratitude to the whistleblowers who continue to provide valuable insights. Their contributions are instrumental in uncovering illicit practices and questionable entities within the high-risk payment space. Together, we help foster accountability in the digital finance ecosystem.

Company Overview: OpenUp and Its Operational Structure

OpenUp presents itself as a financial services innovator, operating within the high-risk payment processing domain. The platform is run by Openup Consulting Services AsP, a Danish-registered firm. Corporate records indicate that Chestnut Investments Lda, based in Portugal, is the parent company. The sole listed director of OpenUp is Svetlana Ivanova.

According to LinkedIn data, there are approximately 12 individuals associated with OpenUp, spanning multiple jurisdictions including the United Kingdom, India, and Nigeria. Sources have indicated a possible connection between OpenUp and the British-Indian iPayTotal Group, prompting further scrutiny.

Key Information

Questions Around Online Presence and Identity Verification

It is well documented that iPayTotal has used fabricated social media and LinkedIn profiles. In this context, we were unable to locate a verifiable profile for Svetlana Ivanova, OpenUp’s only registered director. Other LinkedIn profiles tied to OpenUp also remain unverified, adding further concern.

A notable figure, Samuel O—a Nigerian payments consultant—was previously linked to Kryptova, a company reportedly connected to iPayTotal. He was associated with Kryptova until March 2022.

Services Promoted by OpenUp

Based on their website and marketing materials, OpenUp markets itself as “the future of financial services,” offering a variety of services, including:

• Merchant Services:

• Business accounts with dedicated IBAN

• SWIFT transactions

• Card processing solutions

• Company Formation:

• Assistance with setting up legal entities

• Banking support for new ventures

• Investment Programs:

• Startup incubation in the payment sector

• Funding from $5,000 to $15 million

Although registered in Denmark, the UK-based contact numbers imply the bulk of OpenUp’s activities may be situated in Great Britain.

Online Reputation and Ratings

On Trustpilot, OpenUp has a 4.8-star rating from 50 reviews and is marked as “Excellent.” Nevertheless, PayCom42, a recognized cyberfinance watchdog, has added OpenUp to its “Orange Compliance” list, which flags entities with potential compliance concerns.

Call for Information

If you possess any information regarding OpenUp, its leadership, or possible links to the iPayTotal Group, please contact us. Insights about business practices, internal operations, or undisclosed affiliations are especially valuable.

Submit your information via Scam-Or Project’s secure channels.