Frank Schoonbaert

Quick summary on Frank Schoonbaert

Questionable Past Associations: Frank Schoonbaert served on the board of Cymix, which dissolved in 2012, raising concerns about his involvement in companies with questionable financial practices. He was also a director of Gateway Interim One, an Irish business that collapsed in 2006, hinting at a pattern of involvement in failed ventures.

Alleged Payment Processing Irregularities: PowerCash21 claimed to process €46 million in payments per month for Cymix, despite Cymix’s dissolution years earlier, casting doubt on the legitimacy of these operations. The unclear nature of the services provided and the rapid rebranding to Payabl raises red flags about the transparency and legitimacy of the operations.

Concerns Over Payabl’s Operations: Payabl claims to be a global leader in payment solutions, but its rapid transition from PowerCash21 and involvement with questionable past entities raises concerns about the integrity of its business model. While claiming to be fully regulated, Payabl’s connections to individuals with a history of involvement in collapsed companies suggest potential oversight issues in their operations.

Past Involvement with Wirecard: Frank Schoonbaert’s association with Wirecard and its collapsed ventures contributes to the suspicion surrounding his current business operations. Wirecard itself faced major fraud allegations, and Schoonbaert’s prior role within the company may further tarnish the reputation of his current business endeavors.

Lack of Transparency in Leadership: Despite claims of being a leading payments partner, Payabl’s opaque leadership structure and connections to former Wirecard executives raise concerns about its accountability. Schoonbaert’s involvement in multiple collapsed ventures highlights a history of poor financial management and raises doubts about the sustainability of his businesses.