Iban Wallet

Iban Wallet was a company that developed a platform and mobile application for peer-to-peer (P2P) lending and investment. The Latvia-based company stated it guarantees investment returns and loan buybacks from users on 100 percent of funds deposited and had an electric money license (EML) regulated by the European Central Bank; this ensured that money not invested is returned to the user if the company fails.

Daniel Suero Alonso and Marc Hurr founded IbanWallet as IbanOnline in 2016. The company underwent multiple name changes and has been known as Iban, IbanOne, and IbanOnline and existed under the umbrella New Generation Market SIA parent company. Iban Wallet raised funding through another website, called Seedrs. The campaign was active in 2017 and 2018 and had over fifty-two 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 primarily served 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 one hundred other companies that have failed. The first address of Rīga, Vējdzirnavu iela 28 - 13 was the founding address of over thirty other companies, and the Rīga, Lāčplēša iela 87 address has been linked to over ninety 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 or 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 service lines are typically either inactive or unhelpful.