Is Depoway a bank?

No. We are not a bank and your Depoway wallet is not a bank savings account and doesn't pay interest. Depoway has been appointed as a distributor of electronic money on behalf of Modulr FS Limited. Modulr FS Limited is authorised by the Financial Conduct Authority as an Electronic Money Institution (FRN: 900573). Depoway is entered on the Financial Services Register with reference no. 902977. Therefore we are monitored by our partner e-money institution and we must comply with the relevant legal, compliance and security requirements set by the regulator.

Your Depoway wallet is an e-money account provided by Modulr FS Limited under its EMI licence and does not offer FSCS protection. Modulr keeps your money with the Bank of England in a ring-fenced account, which means it is never used. Your money is fully safeguarded. Unlike banks, Depoway does not have a banking licence and it is not allowed to use customer’s money to lend or invest in markets or in any other way.

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The Depoway app is a free mobile app through which customers can win cash prizes by saving or spending at places they love.

The Depoway app is offered by Depoway Ltd. Depoway Ltd is a private company limited by shares incorporated in England and Wales with the company number 12820673. The registered office is at Office 300b, 182-184 High Street North, E6 2JA London, UK.

Depoway has been appointed as a distributor of electronic money on behalf of Modulr FS Limited. Modulr FS Limited is authorised by the Financial Conduct Authority as an Electronic Money Institution (FRN: 900573). Depoway is on the Financial Services Register with reference no. 902977. The Depoway app is not a bank savings account and doesn't pay interest. Depoway is registered with the Information Commissioners Office, with registration number: ZB008359.

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