In just 5 years, a little-known company called Transactive, based on the outskirts of London, has grown into a payments-industry powerhouse, processing more than $1 billion in monthly transactions. Multiple high-level employees who helped set up and run Transactive came from PacNet, a company that had to close down after being sanctioned by the US for being the “payment processor of choice” for scam artists.
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London Payments Firm Moves $1 Billion a Month Despite ‘Red Flags’
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Several are being targeted by authorities, including one facing federal fraud charges who remained a senior Transactive employee until just weeks ago. In June, a founding investor was sentenced to two years in jail for his part in an unrelated $1 billion healthcare fraud. Some of Transactive’s clients have also drawn scrutiny. They include Nexo Inc., a crypto-lending company recently raided by authorities in Bulgaria and fined $45 million by US authorities, a payments firm that has been probed in the UK for possible connections to financial crime, and an Irish foreign-exchange company that had its accounts shuttered several years ago on suspicion of money laundering, according to filings.
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