Spendesk Financial Services SAS (100% subsidiary of Spendesk SAS), a payment institution licensed in France by the ACPR under number 17518,

Okali (ex-SFPMEI), an electronic money institution licensed in France by the ACPR under number 17448,

“TPL”: Transact Payments Limited (for UK customers) and Transact Payments Malta Limited (for EEA customers), electronic money institutions licensed respectively in Gibraltar by the GFSC and in Malta by the MFSA.

separated at any time from the PSP’s own funds,

highly and frequently monitored by the PSP’s regulator and

protected against any claim or actions from the PSP creditors (including in case of bankruptcy of the PSP).

SFS SAS T&Cs (art. 5.2): “The funds corresponding to the credit balance of a Payment Account are protected by SFS SAS in accordance with applicable regulations, in a specific account opened by SFS SAS in the books of a credit institution. The Customer's funds are separated from SFS SAS’s and Spendesk's own assets. Thus, in the event that SFS SAS becomes insolvent, the Customer's funds would be separated from the assets that SFS SAS's creditors could recover.”

Okali T&Cs (art. 21): “At the end of every Business Day, the Client’s funds shall be placed in an isolation account opened at a French credit institution and isolated according to article L. 522-17 I. of the French Monetary and Financial Code. The Client’s funds shall be protected against any action from other creditors of the Institution, even in the event of any insolvency or enforcement proceedings against the latter.”

TPL T&Cs (art. 19): “The Services are not governed by the Deposit Security Scheme of Gibraltar. However, we will safeguard your funds so that they are protected in accordance with applicable law if we become insolvent”.

For Spendesk Financial Services SAS [EUR accounts for EEA customers]: Natixis 🇫🇷

For Okali [EUR accounts for EEA customers]: Crédit Mutuel Arkea 🇫🇷

For TPL:

article L. 312-4-1 of the French Monetary and Financial Code: the deposits made by payment institutions and e-money institutions are excluded from the French FGDR protection scheme only to the extent they are made “on their own behalf” (”dépôts qu'ils ont effectués en leur nom et pour leur compte propre”)

Preliminary works of the French Parliament (amendment of the French Senate)

Official information website of the Banque de France / ACPR / AMF:

“Les comptes de cantonnement utilisés par les EP/EME pour protéger les fonds de leurs clients sont des comptes de dépôts qui bénéficient de la garantie du Fonds de garantie des dépôts et de résolution (FGDR).

Cette garantie joue pour chaque client dont les fonds sont déposés sur le compte de cantonnement. Ainsi, chaque client de l'EP/EME concerné peut bénéficier d’une indemnisation individuelle d’un montant maximum de 100 000 euros par le FGDR.

En pratique, dans l'hypothèse où la banque qui tient le compte de cantonnement de l'EP/EME venait à faire faillite, c'est l'EP/EME qui recevrait directement l'indemnisation due pour chacun de ses clients, à charge pour lui de continuer à les protéger selon l'une des méthodes prévues par la loi.”