Is Monese covered by FSCS?

We do not provide FSCS protection (which only guarantees customer deposits up to £85,000) - instead we guarantee the protection of 100% of customer funds. Monese Ltd is a registered agent of PrePay Technologies Limited which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900010) for the issuing of electronic money and payment instruments.

Unlike banks we do not re-invest customer funds and have to keep all customer money separate to our own company finances. This guarantees that even in the unlikely event that Monese is no longer in business all of our customers would receive 100% of their balance back.