Noda’s Internal Shake-Up: Leadership Departures, UK-Centric Strategy, and Corporate Control Questions

Introduction

Noda, a company positioning itself as a payments service provider, has recently undergone a notable internal reshuffle. Public LinkedIn profiles show that several senior managers departed in October 2025, including CEO and co-founder Igor Loktev, CRO Michael Bystrov, COO Anastasija Tenca, and multiple others. These developments raise questions about Noda’s current leadership structure, its strategic direction, and who effectively controls the organization today.

Corporate Structure, Shareholding, and Key Individuals

Registered Entities

Noda operates through two formally registered companies:

• Naudapay Limited (London, UK) – responsible for payment initiation services within the UK
• Noda Holdings Limited (Nicosia, Cyprus) – handling technology services across the EU

NaudaPay, incorporated in 2018, previously listed Anastasija Tenca as one of its directors, though her appointment was terminated in October 2025, consistent with LinkedIn updates.
The current director is Irina Konstantinova, a Latvian national who has held this role for approximately seven years.

Ownership

Co-founder Lasma Kuhtarska appears to be the only founding member still active and is listed as the person with significant control, holding 75% or more of the company’s shares.
Entrepreneur Dmitri Volkov, once a major shareholder, ceased holding control in 2023.

Shifts Toward a UK-Based Leadership Model

Two new UK-based figures have entered Noda’s leadership team:

Batlin recently published a commentary on the implications of the AWS outage for the payments industry.

Additionally, several UK-based vacancies are advertised on LinkedIn – including Head of Analytics, Data Analyst, AML/KYC Risk Analyst, and Product Designer – suggesting a deliberate shift of operational capacity to the United Kingdom.
Industry sources speculating on the matter claim that Noda’s anticipated Managing Director and broader decision-making team are expected to be UK-based as well.

Noda’s listed UK office address is 162 Buckingham Palace Road, which appears to belong to a modern co-working facility rather than a standalone corporate headquarters.

Has the Product Changed? Current State of Noda’s Offering

Product Continuity

Despite organizational changes, Noda’s product offering remains unchanged. The suite still includes:

• Open banking payments
• Card payments and payouts
• Checkout forms
• No-code pages
• Payment links and QR codes
• Interactive donation tools (Noda Prime)
• Bank-based authentication
• Data enrichment services

There is no indication of disruption to customer-facing services.

Network Reach and Usage Metrics

Noda’s open banking infrastructure currently connects to 2,051 banks across 28 countries, including:

• Full coverage of UK financial institutions
• Approximately 250 banks in Europe

In its most recent LinkedIn update, Noda reported 1.7 million new users within six months, with 60% returning to use the payment method again.

Possible Drivers Behind the Restructuring

With the product line intact, questions naturally arise regarding the motivations behind the October–November 2025 leadership shifts.

In a recent interview, Noda’s co-founder emphasized the company’s foundation as an IT-oriented enterprise, highlighting technological capability and accessibility as its main competitive advantages. She reiterated that Noda’s strategic focus remains on UK and European payments.

While no official statements were issued regarding the departures or restructuring, several potential explanations emerge:

Potential Motives

• Strategic realignment to a UK-centered operational framework
• Corporate governance adjustments and internal oversight improvements
• Preparation for regulatory or licensing processes within the UK
• Streamlining leadership roles to match new organizational priorities

At present, however, Noda has not publicly commented on the internal changes.