Key Data

• Trading Name: ZEN
• Legal Entities: UAB ZEN.COM, Zen-UK Limited
  
• Activities: e-Money Institution
  
• Location: Lithuania, United Kingdom
  
• Regulations: EMI in Lithuania and UK
  
• Key People: Dawid Rożek
  

ZEN (zen.com) is a payment model launched in November 2020. By taking a new approach to online commerce and paying for purchases, it aims to support both merchants and consumers.

The payment processor holds an e-money license under the supervision of the Central Bank of Lithuania, and the European Banking Authority has approved the company’s operations throughout the European Economic Area (EEA).

The fintech is partners with numerous payment organizations such as Mastercard, VISA, American Express, and Union Pay, and cooperates with global and local payment methods.

The company was founded by Dawid Rożek.

Offering

ZEN offers payment gateways, debit cards, personal and business IBAN accounts to individuals, companies, and online merchants.

Review

On Trustpilot, the company doesn’t score very well with an average rating of 3,5 Star and  ‎1.800+  Reviews.

News

While ZEN has faced regulatory scrutiny and maintains compliance with applicable regulations, recent reports indicate challenges in customer satisfaction and fraudulent activities associated with the “Zen Wallet” and “Zen Bank.” These incidents have led to financial losses for victims and tarnished the company’s reputation.

Conclusion

Due to the recent decline in customer ratings and the reported fraudulent activities, ZEN’s compliance rating is downgraded to ORANGE. This indicates a need for heightened vigilance and risk mitigation measures to address potential compliance issues and restore customer trust.