OMG.one Business account

[kashmoney]

Interested To know if anyone used this Bank Before or have any reviews .. Trustpilot Reviews looks little bit overly positive ( not sure if its fake )
and cant find any other information other than the bank changed Names at some point. Just want to know if its safe to Do business with them

Thanks

 

[daniels27]

kashmoney said:
Interested To know if anyone used this Bank Before or have any reviews .. Trustpilot Reviews looks little bit overly positive ( not sure if its fake )
and cant find any other information other than the bank changed Names at some point. Just want to know if its safe to Do business with them

Thanks
Click to expand...

Apart from that, the bank is very young, I would say things are probably going to change in future once the business model proves effective or not. If you are looking for a 10+ year solution, it may or may not work, for a two-year solution, you can definitely give it a try.

https://www.bankingdive.com/press-r...olution-transforms-the-way-entrepreneurs-and/https://omg.one/blog/company/omega-fintech-secures-2-5m-fundraising/https://omg.one/blog/company/omega-fintech-secures-2-5m-fundraising/

Last edited by a moderator: May 11, 2024

 

[Sols]

EMI, not a bank. License checks out with the FCA.

They have been running at a loss every year so far. -1.7 million in 2022 and -1.5 million in 2021. Running at a loss is nothing unusual for fintech startups, as long as they have capital to absorb the losses to eventually turn a profit (or raise more money).

Toggle signature
This is the probably the answer to your question.

 

[Xshore]

They seem to offer not just EMI account, but a whole company administration package, it's not clear if you have to use those services or not. The fees could quickly add up. And they have a percentage fee for incoming/outgoing payments to some/many countries.

 

[JohnLocke]

It's like Trustpilot and many of these sites; most of it is fake and that's what they thrive on in a big way. Trustpilot accepts all fake reviews without making an effort to combat it. The few measures they have taken over time do not count because they are useless.

See also the threads below. Therefore, I would not place too much weight on the importance of Trustpilot when it comes to such services.
https://www.offshorecorptalk.com/threads/remove-company-website-from-trustpilot-legal-advice.41937/https://www.offshorecorptalk.com/threads/why-trust-pilot-not-work-in-our-industry-and-is-fake.37952/

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[kashmoney]

Thanks for the insight Everyone, Yeah I will probably stick to my current EMI.

 

[boomy]

Oh my God payment processor. I would also stick to my current payment processor and not this one.

 

[Forester]

kashmoney said:
Trustpilot Reviews looks little bit overly positive ( not sure if its fake )
Click to expand...

@JohnLocke is right with his warning above. IMO, Trustpilot's reviews validity can be (and in many times is) close to zero.

kashmoney said:
and cant find any other information other than the bank changed Names at some point.
Click to expand...

Do you have in mind the name change from GALEO LIMITED to OMEGA BAAP LIMITED in 2019?

Xshore said:
They seem to offer not just EMI account, but a whole company administration package, it's not clear if you have to use those services or not.
Click to expand...

It apparently depends on the pricing plan you choose.

Xshore said:
The fees could quickly add up. And they have a percentage fee for incoming/outgoing payments to some/many countries.
Click to expand...

This is true. But it is also true that their business model of the all-in-one service is interesting and could be attractive for a certain client base; and I do not recall anything similar (well, it does not mean much 😉 ).

Having said that I must also say that I have seen some (small) warning lights there: the website functionality is not perfect and the persons behind are worth checking (I mean just what I write).

Generally:
”“ If you want just a EMI account, probably not worth effort.
”“ If you are attracted by their business model (I can imagine well such an eventuality), then it is worth some more deep due dilligence.
IMO.

Anyway, I am curious about any other input.

Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------

I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...