During the peak growth years of online gambling (2003-2006), FirePay became the second most popular online gaming payment processor behind Neteller.
On June 2, 2005, shares of FireOne started trading on the AIM market of the London Stock Exchange following the placement by Optimal Group Inc. of 10 million ordinary shares representing 20% of the capital of the Company with UK institutional and other shareholders. Optimal Group held approximately 76% of the issued and outstanding shares of FireOne Group, which traded under the ticker, FPA. The offering was led by Numis Securities Limited in London, England. The placing price was 241 pence per share, resulting in gross proceeds to Optimal Group of 24.1 million British pounds (approximately US$44.0 million).
Firepay was one of the first online payment processors to stop doing business with US customers as a result of the UIGEA. FireOne Group, parent company of FirePay.com released a statement announcing they would stop accepting US gaming transactions as soon as President Bush signs the UIGEA. FirePay stock dropped more than 50% since the UIGEA was passed. Here’s is an e-mail they sent out:
Effective Monday, December 10, 2007, FirePay will no longer allow funding, spending, or payment transactions. FirePay account holders will still be able to access their account to review their online statement, register and validate their bank account, and withdraw any existing balance free of charge for a 150-day period ending on Thursday, May 8, 2008. After this date the FirePay website will no longer allow account access and all further inquiries will have to be directed to FirePay via email at firstname.lastname@example.org. Any requests for withdrawal of a remaining balance after Thursday, May 8, 2008, will incur a $25 payment handling fee. Please sign in to your account now at www.firepay.com to confirm whether you have a balance and, if so, to initiate a free withdrawal.
HPG ADMIN on March 1, 2013