SegoPay is an opaque payment gateway specializing in high-risk merchant services. It has recently been identified as a critical facilitator for the Starscream Group (Rant Casino), which was fined over €4M by the Dutch KSA. With no verifiable financial license and hidden ownership, SegoPay represents a major AML/CFT risk.

R42 Risk Signal

• Traffic Light: ⚫ High Risk

• Confidence Grade: Corroborated

• Rationale: Direct involvement in bypassing regulatory sanctions (Starscream case), lack of direct licensing, and deliberate corporate opacity. It functions as a “dark rail” for prohibited merchant verticals.

Key Data

What the Company Does

SegoPay provides an “invisible” payment layer. It sits between high-risk merchants and technical gateways like HuchPay. It markets a “0% chargeback” environment by utilizing bank-to-bank transfers (Open Banking) rather than card schemes, allowing illegal casinos to accept deposits from EU customers.

Regulatory & Legal Framework

• Regulator(s): None identified.

• AML/CFT expectations: As an entity facilitating millions in SEPA transfers, SegoPay should be registered as a PISP or EMI. Its lack of registration suggests it is operating outside the PSD2/PSD3 framework, avoiding mandatory SAR (Suspicious Activity Report) filings.

Ownership, Founders, Executives

The entity maintains total anonymity. There are no LinkedIn profiles, press releases, or “About Us” details that name a physical person.

• Verification gaps: No public filing links the domain to a physical director.

Corporate Structure & Related Entities

• Starscream Group: Primary documented “client” relationship.

• HuchPay / HUCH SAS: Identified as a “next-hop” processor in the SegoPay payment stack.

• Olky / Olkypay: Often observed in the settlement chain for SegoPay-initiated transfers.

Products, Integrations & Technical Footprint

SegoPay uses an API-driven checkout that triggers a SEPA Instant transfer. Its technical footprint is characterized by the use of “disposable” or “rotating” IBANs to prevent banks from easily blacklisting the destination accounts.

Merchant / Customer Footprint

Focuses exclusively on high-risk verticals. Specifically linked to Rant Casino, AllStarz Casino, and Scatters, all part of the sanctioned Starscream ecosystem.

Complaints, Allegations, Enforcement, Litigation

• Regulatory Action: Mentioned in the context of the KSA (Dutch Regulator) €4.2M fine against Starscream. Analysts noted SegoPay as the facilitator that allowed the casino to remain operational during the investigation.

• Unverified Block: Allegations suggest SegoPay operates as a “front” for the casino owners themselves to control their own payment flows.

Risk Factors & Red Flags

• Regulatory Risk: Operating unlicensed payment services in the EU.

• AML/CFT Risk: High. Facilitating funds for unlicensed and sanctioned gambling entities.

• Transparency Risk: Critical. No UBO, no physical address, no license.

• Reputational Risk: Directly linked to FinTelegram and regulator-flagged “scam” ecosystems.

Merchant Due-Diligence Checklist

• [ ] STOP: Merchants are advised not to onboard with unlicensed gateways.

• [ ] Demand a copy of the EMI/PI license and the “Agent” agreement.

• [ ] Verify the physical office location via a site visit or notarized document.

• [ ] Cross-reference destination IBANs against known high-risk “money mule” pools.

Evidence Box (References)

• [KSA Enforcement Press Release – Starscream Fine 2026]

• [FinTelegram: SegoPay and the Shadow Banking Stack]

• [R42 Technical Analysis: IBAN Rotation Patterns in iGaming]

Update Log (Evergreen)

• 2026-01-30: Profile created. Issued Black Risk Signal following KSA enforcement reports.

Call for Information (Whistle42)

Do you have access to the SegoPay back-office? We are looking for lists of destination IBANs and UBO identities. Help us map the “Shadow Rails.” Submit anonymously at Whistle42.com.