What is a neobank?

The French dictionary LAROUSSE defines the term NEOBANK as follows:

«A start-up in the financial sector that offers a limited range of competitively priced services (such as account management and bank card), mainly via mobile applications on smartphones. Neobanks are simple payment institutions, which distinguishes them from online banks, generally affiliated with a traditional bank. »

What is OlkyPay's status and how secure are my funds?

OlkyPay has been an accredited payment institution in Luxembourg since 2013 and is authorised to operate in all member countries of the European Union.

Link to the official publication of OlkyPay's status: https://edesk.apps.cssf.lu/search-entities/entite/details/9673?lng=fr&q=&st=advanced&entNames=olky

OlkyPay is not a credit institution, which means that OlkyPay does not lend, invest or use its customers' deposits as traditional banks do. This protects customers from market fluctuation and solvency risks. OlkyPay customers’ funds are fully segregated with European systemic banks or with a national central bank of a European Union member state. They are therefore available at all times, even in the extreme scenario where all clients wish to withdraw their funds simultaneously.

The Fonds de Garantie des Dépôts et de Résolution (FGDR) protects and compensates each OlkyPay customer in case the segregation bank goes bankrupt.