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Debtor

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The account holder of the account receiving a debit transaction.

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Devengo S.L is a company registered in Spain with company number B-88353412, which is authorised and regulated by the Bank of Spain as an Payment Institution (Entity registration number 6940) for the provision of payment services. As a payment institution, Devengo is subject to applicable Spanish and European regulations, in particular Royal Decree-Law 19/2018 on payment services, which establishes obligations to safeguard user funds. This means that client money is not considered a bank deposit and is not covered by the Deposit Guarantee Fund. However, Devengo safeguards customer funds in segregated accounts, as required by law, always keeping them separate from the entity’s own resources and under the supervision of the Bank of Spain (for more information please see “Safeguards Information”).

Devengo S.L is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please see Europe Safeguarding Explanation. Here you can consult the Modular Terms and Conditions for Devengo clients in the EU.