Iban Wallet is a company that developed a platform and mobile application for peer-to-peer (P2P) lending and investment. The Latvia-based company states it guarantees investment returns and loan buybacks from users on 100% of funds deposited and has an electric money license (EML) regulated by the European Central Bank; this ensures that money not invested is returned to the user if the company fails.
Daniel Suero Alonso and Marc Hurr originally founded IbanWallet as IbanOnline in 2016. The company has undergone multiple name changes and has also been known as Iban, IbanOne, IbanOnline, and exists under the umbrella New Generation Market SIA parent company. Iban Wallet raises funding through another website called Seedrs. The campaign was active in 2017 and 2018 and had over 52 investors, reaching an investment total of £59,031.
In 2020, Marc Hurr left the company, and a new owner by the name of Ahmad Maiwand Noorzai took his place. At the same time, the company address was changed from Rīga, Vējdzirnavu iela 28 - 13 to Rīga, Lāčplēša iela 87, both of which are Latvian addresses.
There are various concerns expressed across the internet with Iban Wallet, including lack of transparency about investments, registered company addresses, poor reviews, lack of payments, and lack of company activity.
Iban Wallet is a company that primarily serves UK-based users, so many people have questions about why the company address is headquartered in Latvia. Additionally, the company addresses have been linked to over 100 other companies that have failed. The first address of Rīga, Vējdzirnavu iela 28 - 13 was the founding address of 30+ other companies, and the Rīga, Lāčplēša iela 87 address has been linked to over 90 failed companies that were primarily shut down by the State Revenue Service, Latvian company register, or creditors.
There are several reviews about Iban Wallet and users not being able to remove funds from their accounts, unable to cancel investment renewals, and complaints about the lack of transparency. Many users are concerned that Iban provides no information to the customers about where the P2P loan is going and Iban advertising itself as a bank. Additionally, users have reported struggles to withdraw their investment returns, and according to reviews, the customer services lines are typically either inactive or unhelpful.
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