We work with a financial services partner called Prepay Solutions (PPS), company number 04008083. PPS is part-owned by Mastercard and have issued over 100 million cards worldwide.
PPS is an Electronic Money Institution authorised by the Financial Conduct Authority (FRN 900010). PPS provides Coconut with access to banking and payments infrastructure, and is also the issuer of the Coconut Card and Account.
Coconut is registered with the FCA as an agent of PPS (FRN: 902016).
Any funds deposited into your account are managed by PPS, and stored in a safe-guarded, ring-fenced account with Barclays and never put at risk. Neither Coconut, PPS nor Barclays is able to use your funds to settle their liabilities, and so your funds are always accessible.
If you've got any other questions about this, please get in touch via the app or email us at [email protected] and we'll be happy to help.