Rudolf Booker and the Rise (and Fall) of Payvision
Rudolf Booker, reportedly enjoying life aboard his €30 million yacht with annual upkeep of €3 million, has plenty of leisure time after selling Payvision, the FinTech company he founded, to ING in 2018 for €360 million. This marked ING’s largest acquisition since the financial crisis.
However, what seemed like a promising deal quickly turned sour. ING essentially bought a high-risk payment processor deeply entangled in money laundering and scam operations—a “mini-Wirecard,” as some have described it.
Payvision and Booker were known for serving dubious clients, including cybercriminals and scam networks. Booker maintained close ties with infamous figures such as Uwe Lenhoff and Gal Barak. Both were central to large-scale investment frauds, and victims now demand accountability from Payvision according to local media reports.
Ties to Criminal Networks
In early 2019, both Uwe Lenhoff and Gal Barak were arrested during a coordinated European law enforcement operation.
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Lenhoff died in custody in summer 2020 under suspicious circumstances.
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Barak received a multi-year prison sentence in September 2020 for investment fraud and money laundering.
Lenhoff served as an affiliate for Payvision, bringing scam clients to the platform, including Barak’s fraudulent brands:
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XTraderFX
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SafeMarkets
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Golden Markets
Criminal investigations reveal that Rudolf Booker and Payvision were actively involved in processing payments for these operations, despite regulatory warnings. Large volumes of money continued to flow through Payvision until shortly before their arrests.
Victim Claims and Legal Actions
The European Fund Recovery Initiative (EFRI) now represents many individuals who lost funds to scams facilitated by Payvision. These victims relied on the platform to enforce KYC and AML compliance, which evidently failed.
EFRI’s Allegations:
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Payvision knowingly processed transactions for scam operators
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The company ignored red flags and warnings from regulators
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Booker and Payvision actively supported these operations
As a result, EFRI has filed money laundering charges and is pursuing legal proceedings with the help of its attorneys. Payvision, for its part, denies responsibility.
A Brand in Ruin: No Future for Payvision
The Payvision brand is all but dead. Its reputation in shambles, and its client base—once dominated by pornography, gambling, and scam-related sectors—has eroded dramatically after ING ordered the closure of high-risk segments.
Performance Metrics Post-Acquisition:
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Up to 70% of its client portfolio terminated
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Profit plunged 66% in the first year after acquisition
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EBITDA dropped to €6.3 million, compared to Adyen’s €279 million in the same period
Payvision has become a broken business. Closing it down is seen by many as the only logical step.
ING’s Response and McKinsey’s Involvement
According to Dutch media, ING has engaged McKinsey to explore options for its struggling payments division. Payvision was originally expected to drive growth in this area. However, with its current state likened to that of a zombie FinTech, expectations have clearly not been met.
Booker’s Reputation vs. Wealth
While the Payvision collapse may not affect Rudolf Booker’s finances—he is reportedly worth $400 million—it has certainly tarnished his image. Sources say the reputational damage has hit his ego hard.
ING’s exit strategy for Payvision could mark the end of one of the most controversial FinTech acquisitions in recent years.
For ongoing updates, follow the legal proceedings and investigations involving Payvision and its executives.