Is my money safe with Spendbase?

Yes, your Spendbase account and e-money balance are in safe hands. The accounts are issued by our partner, Moorwand Ltd, which is an authorised electronic money institution (EMI) regulated by the Financial Conduct Authority (FCA) in the UK. It is authorised to provide payment services and issue electronic money (e-money), subject to the Payment Services Regulations 2017 and the Electronic Money Regulations 2011.

The e-money balance in your accounts is held by Moorwand at a bank. While this may sound similar to what a bank does, Moorwand is not a bank, and there are key differences you should be aware of:
i) we do not take your money as a deposit to use for our own purposes or lend to other customers; and
ii) your e-money is not covered by the Financial Services Compensation Scheme (FSCS).

To ensure your money is safe, your funds are held in segregated accounts, meaning they are separate from Moorwand’s funds. They are also “safeguarded,” meaning there are assurances from the bank that, in the unlikely event Moorwand were to go out of business, the money is protected for customer use and could not be used to offset any debt Moorwand may owe.

Safeguarding is a regulatory requirement for all EMIs, designed to protect customers from the risk of losing funds. Funds are reconciled at least daily.