How does Mollie UK protect your funds?

Please note, the below Safeguarding model is applicable to merchants contracting with Mollie UK (following the transition of services from Mollie BV to Mollie UK).

We follow a process called ‘safeguarding’ to protect your funds. Safeguarding is a regulatory requirement for Payment Institutions operating in the UK. As Mollie UK is not a bank, we don’t hold your funds as a deposit for our own use or for lending to other customers.

We safeguard your funds in specific Client Money Accounts to ensure we keep your funds separate from our own. We also keep these accounts at a separate bank in the UK with specific controls relating to those safeguarded accounts. We regularly work with independent auditors to perform internal and external audits on our safeguarding obligations.

In the unlikely event that Mollie UK becomes insolvent, all safeguard protections remain in place as your funds continue to be held in safeguarded bank accounts at a bank in the UK and will not be accessible to third parties.

 

How is Mollie regulated? 

Mollie UK is authorised by the Financial Conduct Authority (FCA) to provide payment services in the UK. Meanwhile, Mollie B.V. is authorised by the Dutch National Bank (DNB) to provide payment services in the EU.

 

Using EU payment methods

To provide our UK customers with access to both UK and EU payment methods, Mollie UK relies on the EU-based acquiring partners of Mollie B.V.

Mollie B.V. safeguards customer funds in the EU using broadly the same measures as Mollie UK. When our UK customers receive payments using an EU payment method, the funds are safeguarded first by Mollie B.V. in the Netherlands before they’re transferred to our Client Money Accounts in the UK and then to our customers’ accounts (as a payout). 

As a Mollie UK customer using EU payment methods, you enter into an agreement with both Mollie UK and Mollie B.V. to reflect this arrangement and ensure your funds are protected across the transaction flow. 

Below is a summary of the safeguarding model we use for different payment methods:

Settled directly to Mollie UK Client Money Accounts Settled to Mollie BV safeguard accounts then transferred to Mollie UK Client Money Accounts
  • Card payments (Visa, Mastercard, and Amex)
  • iDEAL
  • SEPA Direct Debit
  • Klarna
  • Bancontact
  • EPS
  • Giropay 
  • MyBank
  • P24
  • Belfius
  • KBC
  • Sofort

 

Is my money covered by the Financial Services Compensation Scheme?

No. As Mollie UK is not a bank, your funds are not covered by the Financial Services Compensation Scheme.

 

Do I need to take any action?

No, you don’t need to take any action. We publish this information so you understand how we protect your funds. If you have any other questions about our safeguarding measures, you can contact our Support team.