Ground-breaking payment processor Kagi suddenly goes out of business.
4 days ago Public Commentary 0
Payment processor Kagi in Berkeley, CA, announced it is has ceased operations effective yesterday, July 31, 2016. As a supplier I received an email shortly before midnight last night stating final accounts will be distributed by August 20. A notice at kagi.com states supplier accounts are with a third-party. There is little further information other than apologies and a hint of problems with fraud by a supplier.
I used Kagi myself for ten years or so. I’m sorry to see them go. I’m also glad I set my regular payout threshold quite low, so I don’t have thousands of dollars tied up in receivership (which this looks like).
Does anyone have any more information on what happened?