Where is my money held and is it safe?

For Customers located in the United Kingdom

If you signed up to Cledara or agreed to our Terms and Conditions most recently on or before 16 August 2023:

The funds transferred to your Cledara account are held by our financial services provider PayrNet. PayrNet, registered as PayrNet Limited in the UK, is regulated by the UK Financial Conduct Authority as an Electronic Money Institution and holds our customers’ money under a regulatory structure known as an EMD Agent, where Cledara is also registered with the UK Financial Conduct Authority.

Your money held by PayrNet is safe as funds are securely held under a ring-fenced Safeguarding Account as per the Electronic Money Regulations in the UK. These funds are bankruptcy remote from both Cledara and its financial services provider, PayrNet, meaning if something were to happen to Cledara or PayrNet, your funds are ring-fenced and returned in full.

PayrNet’s Safeguarding Accounts are provided by institutions with Investment Grade Credit Ratings, as follows:

  • GBP is held in Safeguarding Accounts provided by The Bank of England (Credit Ratings as at 13 March 2023: S&P AA, Moodys Aa3, Fitch AA-) or Barclays Bank (Credit Ratings as at 13 March 2023: S&P A, Moodys A1, Fitch A+)
If you signed up to Cledara or agreed to our Terms and Conditions most recently on or after 17 August 2023:

The funds transferred to your Cledara account are held by our financial services provider Modulr. Modulr is registered in the UK as Modulr FS Limited, which is authorized and regulated by the Financial Conduct Authority for the issuance of electronic money and payment services. Your funds are held in one or more segregated accounts and the full value safeguarded in line with the Financial Supervision Act – for more information please see this link

For Customers located in the European Economic Area ("EEA")

The funds transferred to your Cledara account are held by our financial services provider Modulr. Modulr is registered in the Netherlands as Modulr Finance B.V., which is authorized and regulated by the Dutch Central Bank as an Electronic Money Institution for the issuance of electronic money and payment services. Your funds are held in one or more segregated accounts and the full value safeguarded in line with the Financial Supervision Act – for more information please see this link.

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