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For customers based in the European Union, the Payment Account and/or Mastercard cards as applicable are issued by Paynetics AD with company address 76A James Bourchier Blvd, 1407 Sofia, Bulgaria, company registration number 131574695. Paynetics AD is an electronic money institution authorised and regulated by the Bulgarian National Bank for the issuance of e-money and provision of payment services in the EU.
Weavr (Europe) Ltd is acting on behalf of Paynetics AD, as a registered agent on the territory of the EU member states, and is entered into the public register of e-money institutions’ agents kept by the Bulgarian National Bank.
Paystratus Group Limited provides software and support services to Weavr Europe Ltd.
To ensure your funds are safe, Paynetics AD follows a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process Paynetics AD keeps your money separate from its own (firm) money and places it in a safeguarding account with a Bank.
Electronic Money issued is not covered by any Deposit Guarantee Scheme which is a government backed scheme offering protection to customers’ funds of up to €100,000 in the EU, per customer. However, in the event of an insolvency, your funds would remain in the safeguarded account at the designated Bank and separated from Paynetics’ accounts and funds. For further details on the safeguarding, visit Paynetics - Digital Safeguarding