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For customers based in the United Kingdom, the Payment Account and/or Mastercard cards as applicable are issued by Paynetics UK, Company number 1248133, with its registered address at 1st Floor, 18 Devonshire Row, London, England, EC2M 4RH. Paynetics UK is an electronic money institution authorised and regulated by the Financial Conduct Authority (firm reference number 942777) for the issuance of e-money and provision of payment services in the UK. Weavr Ltd is a distributor of Paynetics UK on the territory of the UK.
Paystratus Group Limited provides software and support services to Weavr Ltd.
To ensure your funds are safe, Paynetics UK follows a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics UK keeps your money separate from its own (firm) money and places it in a safeguarding account with a Bank.
Electronic Money issued is not covered by any Deposit Guarantee Scheme which is a government backed scheme offering protection to customers’ funds of up to £85,000 in the UK under the FSCS per customer. However, in the event of an insolvency, your funds would remain in the safeguarded account at the designated Bank and separated from Paynetics’ accounts and funds. For further details on the safeguarding, visit https://www.paynetics.digital/safeguarding-of-clients-funds/