Latest News
MuchBetter Settles Outstanding Wallet Balances with EEA Customers Out of its Own Pocket as UAB PayrNet Continues to Withhold Customer Funds

MuchBetter has officially resumed service in Europe today after a lengthy disruption due to an investigation into its previous European partner (an electronic money institution that MuchBetter was an intermediary of), UAB PayrNet.
On June 22, 2023, the Bank of Lithuania made an announcement stating that it had decided to revoke UAB PayrNet’s license and initiate bankruptcy proceedings against it due to its severe and continuous regulatory breaches. This included anti-money laundering, reporting, safeguarding customers’ funds, sanctions and other requirements. The Bank of Lithuania also determined that due to revocation of the licence, UAB PayrNet must repay all customer funds within a given timeframe.
UAB PayrNet has since failed to settle with its customers by the August 22 deadline. MuchBetter’s legal team has made several concerted attempts to contact UAB PayrNet, all without success.
In keeping with the MuchBetter ethos of always putting its customers first and to ensure they do not suffer as a result of the UAB PayrNet issues, MuchBetter has chosen to settle the outstanding PayrNet balances of its European customers from its own funds. Settlements will be made via its new European partner with the final settlement figure expected to reach millions of euros.
The move showcases the financial strength of MuchBetter while also demonstrating it has fully invested in its return to the European market. It further expresses MuchBetter’s appreciation for its customers’ continued support and patience. MuchBetter shares its customers’ frustrations at such a lengthy process and decided to settle using its own company funds to prevent further disruption and provide reassurance to customers.
Once customers have accepted updated terms of service and agreements, MuchBetter customers in Europe will have access to both their accounts and previous account balances from before activity was paused in mid-February. More regulatory steps are required in some European countries, so while most customers can now access their funds, a few countries will have to wait a little longer. We will continue to keep our customers informed of developments.
With its return to Europe, MuchBetter has worked on improving the user experience of its digital wallet app, with further new and exciting features being delivered in coming months based on customer feedback and overall innovation.
“Now that the Bank of Lithuania’s investigation into UAB PayrNet has concluded, we are excited to be back operating in Europe,” a MuchBetter spokesperson said. “The Bank of Lithuania has confirmed that we had nothing to do with the UAB PayrNet investigation and we are relieved to now have this behind us. Most importantly, we’re glad we can help ease the worries of our European customers by settling their outstanding balances held by UAB PayrNet rather than waiting for UAB PayrNet to release their funds.
“We’d like to thank our customers for their patience and support and have some exciting things in the pipeline soon, including a loyalty programme.”
-
Africa5 days ago
Play’n GO takes games portfolio live with the Goldrush Group in South Africa
-
Asia5 days ago
LGUs, state university get Php20-M emergency vehicles from PAGCOR
-
Africa5 days ago
ALA Hosted Seminar on Artificial Intelligence and Cybersecurity
-
Latest News5 days ago
PG Soft serves up Diner Frenzy Spins
-
eSports5 days ago
Esports World Cup 2025 Unveils Official Song of the Year and Full Opening Ceremony Line-up
-
Africa4 days ago
DRC Signs MoU for Public-Private Partnership with Burundi’s East African General Trade Company
-
Africa4 days ago
Springbok Casino Unveils “Krugerassic Park” Featuring Dino-Wilds to Celebrate Jurassic World: Rebirth Sequel – Plus 25 Free Spins on T-Rex 2 slot
-
Latest News5 days ago
Juicy Wins, Crystal Clear: ELA Games Releases New Luxury Title