Safeguarding
of funds

Safeguarding
of funds

Last updated: 28 April, 2025


Your Funds, Safeguarded


At Mimo, we take the security of your funds seriously. We work with two Electronic Money Institutions (EMIs), both authorised and regulated by the Financial Conduct Authority (FCA):

  • Modulr FS Limited – Registered in England and Wales (Company No. 09897919), FCA Firm Reference Number (FRN) 900573

  • Airwallex (UK) Limited – Registered in England and Wales (Company No. 10103420), FCA FRN 900876

As required under the Electronic Money Regulations 2011, customer funds are safeguarded when you use payment services provided via our platform.

What is Safeguarding?

Safeguarding is a regulatory requirement that ensures customer funds are kept separate from the EMI’s own funds. These funds are held in segregated accounts with a regulated bank or invested in secure, liquid assets, and cannot be used for any other purpose (e.g., operating expenses, lending, etc.).

This process helps protect your money in the unlikely event that the EMI becomes insolvent. You can find out more on the FCA’s website here.

Not Covered by FSCS

Unlike bank accounts, electronic money accounts are not covered by the Financial Services Compensation Scheme (FSCS). The FSCS is designed to reimburse customers when certain financial institutions, like banks, fail and are unable to return customer deposits. In contrast, if an EMI were to cease trading, an insolvency practitioner would be appointed to oversee the return of safeguarded funds to customers. Their costs would be deducted from the remaining assets of the firm before funds are distributed. This process differs from the FSCS, which provides direct compensation up to a set limit.

No Interest Paid

You will not earn interest on any funds held in safeguarded accounts. Any interest accrued on these funds may be retained by the EMI or Mimo.