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]

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

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/

 

[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).

 

[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/

 

[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]

Trustpilot Reviews looks little bit overly positive ( not sure if its fake )

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

and cant find any other information other than the bank changed Names at some point.

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

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.

It apparently depends on the pricing plan you choose.

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

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.