Ruchi Rathor

Full Report

Key Points

• Identity and Role: Ruchi Rathor is a British-Indian entrepreneur and founder of Payomatix, a fintech company focused on payment processing solutions. She has a background in computer science and over 20 years of experience in the financial industry.

• Achievements: Recognized with awards such as “Women Entrepreneur of the Year” (2022, 2023) and “Leadership Excellence Awards 2023” for her contributions to fintech.

• Controversies: Linked to the collapsed iPayTotal, a high-risk payment processor accused of financial mismanagement and potential fraud. Allegations include creating fictitious LinkedIn profiles and involvement in high-risk payment projects with questionable partners.

• Current Ventures: Operates Payomatix, PayAgency, and RaiseMoney, aiming to transform the Indian payments sector, but concerns persist about transparency and past business practices.

• Risk Profile: High financial and reputational risks due to associations with failed ventures, unverified allegations of fraud, and operations in high-risk jurisdictions.

Overview

Ruchi Rathor, born on August 12, 1978, in Agra, India, is a fintech entrepreneur and self-described payments expert. Raised in a lower-middle-class family, she pursued a degree in computer science and electronics, later earning diplomas in financial strategy from the University of Oxford’s Said Business School and business finance from the University of London. Rathor founded Payomatix in August 2021, a company offering secure and efficient payment gateway solutions for businesses, with a mission to simplify financial transactions and expand globally. She also established PayAgency and RaiseMoney, focusing on fintech innovation and empowerment. Rathor positions herself as a thought leader, contributing to platforms like Finextra and Forbes India, and is a TEDx speaker advocating for women in leadership and inclusive workplace culture.

Allegations and Concerns

• iPayTotal Collapse: Rathor was a co-founder of iPayTotal, a British-Indian high-risk payment processor that collapsed in 2020, with its UK entity ordered into liquidation by the UK High Court. The company was accused of vanishing with millions of client funds, raising concerns about financial mismanagement or fraud.

• Fictitious Profiles: Whistleblowers allege that Rathor and her team created fake LinkedIn profiles to inflate their credibility, a claim supported by changes in her LinkedIn profile where iPayTotal and CryptoMatix were removed after scrutiny.

• High-Risk Ventures: Rathor is linked to payment processors like CryptoMatix, Paypound, and Kryptova, which operate in high-risk jurisdictions and have ties to African and Russian entities, including the controversial Hawex system. These associations raise red flags for potential money laundering or regulatory non-compliance.

• Fake DMCA Request: In June 2024, a fraudulent copyright removal request was filed to suppress a critical webpage about Rathor, suggesting attempts to control negative publicity. The page was restored after a counter-notice.

• Unverified Identity Claims: Some sources suggest Rathor has operated under the alias Rebecca Baker, though this lacks corroboration and may be speculative.

Customer Feedback

• Positive Feedback:

  • Payomatix is praised for its seamless payment processing and innovative solutions. A Forbes India article highlights Rathor’s ability to simplify complex financial transactions, with clients appreciating the company’s secure and efficient services.

  • Testimonials on Rathor’s personal website describe her as an inspiring leader who fosters a supportive work environment. One quote from a Payomatix employee states, “Ruchi’s vision and dedication have transformed our team into a powerhouse of innovation.”

• Negative Feedback:

  • iPayTotal received numerous complaints for poor service and financial losses, with clients reporting funds disappearing after the company’s collapse. A Gripeo review cites a merchant stating, “iPayTotal took our money and vanished, leaving us with no recourse.”

  • Payomatix has faced criticism for lack of transparency, with some online reviews questioning its ties to iPayTotal. A user on a fintech forum noted, “Payomatix seems promising, but their connection to iPayTotal makes me wary.”

• Mixed Sentiment: While Rathor’s current ventures receive some positive feedback, the shadow of iPayTotal’s failure and unaddressed allegations taints her reputation, leading to polarized consumer sentiment.

Risk Considerations

• Financial Risk: Involvement in iPayTotal’s collapse and high-risk payment projects suggests potential for financial instability or mismanagement. Payomatix’s ambitious goals in a competitive market may strain resources if not backed by robust funding.

• Reputational Risk: Allegations of fraud, fake profiles, and questionable partnerships damage Rathor’s credibility. Negative publicity, such as the Gripeo exposé, could deter clients and investors from engaging with Payomatix.

• Regulatory Risk: Operating in high-risk jurisdictions and partnering with entities like Hawex increases exposure to regulatory scrutiny, especially under anti-money laundering (AML) and know-your-customer (KYC) frameworks.

• Operational Risk: The rapid expansion of Payomatix into global markets, coupled with past operational failures, raises concerns about scalability and reliability of services.

Business Relations and Associations

• Key Partners:

  • Anurag Pratap Singh and Anirudh Pratap Singh Rathor: Co-founders of iPayTotal and partners in Payomatix, both linked to high-risk payment ventures. Their involvement amplifies concerns about the group’s business practices.

  • African Financial Providers: Rathor’s ventures have strong ties to African payment processors, which are often flagged for lax regulatory oversight.

  • Hawex: A Russian-controlled high-risk payment system collaborating with Rathor’s ventures, raising red flags due to its opaque operations.

• Corporate Entities:

  • Payomatix Technologies: Headquartered in India, with operations in Portugal and the UK, focusing on payment gateways and fintech solutions.

  • CryptoMatix and Kryptova: Cryptocurrency payment processors linked to Rathor, operating in high-risk sectors.

  • IPT Solutions PT (Portugal): A fintech software supplier continuing iPayTotal’s legacy, potentially as a rebranded entity.

• Professional Networks: Rathor is a member of Finextra, Leap Club (a women’s networking group), and has spoken at TEDx events, enhancing her public profile but not fully mitigating controversy.

Legal and Financial Concerns

• iPayTotal Liquidation: In October 2020, the UK High Court ordered the liquidation of iPayTotal Ltd, followed by iPaySolutions Ltd in October 2021. No public records confirm personal lawsuits against Rathor, but the company’s collapse left clients with significant losses.

• No Active Lawsuits: As of May 2025, no verifiable lawsuits or bankruptcy records directly name Rathor or Payomatix in public databases. However, the lack of transparency in high-risk ventures suggests potential undisclosed legal issues.

• Regulatory Scrutiny: Rathor’s ties to entities like Hawex and operations in jurisdictions with weak AML enforcement (e.g., Africa, Portugal) increase the likelihood of future regulatory investigations, though none are currently documented.

• Financial Stability: Payomatix’s financial health is not publicly disclosed, but its reliance on high-risk markets and the precedent of iPayTotal’s failure raise concerns about long-term viability.

Risk Assessment Table

Analysis: Ruchi Rathor presents a complex profile as both an innovative fintech leader and a controversial figure tied to problematic ventures. Her achievements, such as founding Payomatix and earning industry awards, demonstrate technical expertise and ambition. However, the collapse of iPayTotal, allegations of fraudulent practices, and associations with high-risk entities like Hawex cast significant doubt on her reliability. The lack of transparency in addressing past failures and the use of questionable tactics (e.g., fake profiles, DMCA misuse) undermine her credibility. Payomatix shows promise but operates in a shadow of distrust due to its lineage and partnerships.

Cautionary Advice: Engage with Rathor or Payomatix cautiously. Verify claims of success through independent audits and client references. Avoid high-value transactions until Payomatix demonstrates consistent regulatory compliance and financial stability. Monitor for regulatory updates, as Rathor’s ventures may attract scrutiny given their high-risk profile. For investors or partners, demand full transparency on past failures and current operations to mitigate risks.