One of the biggest questions that we always had since the beginning was "how can we deliver this service? We're not a bank, we're not an investment firm, we neither are an E-money Issuer (for now)."

Then we discovered Mangopay. MangoPay is an e-Money Issuer granted by the CSSF, and it is part of the Credit Mutel Arkea Group. Deposits made to GoSherpy are stored with our FCA regulated payment provider MangoPay, who works directly with Barclays Bank. Your money can never be lent out by the bank (it's stored in a ring-fenced account at Barklays), ensuring it's always available for withdrawal. 

GoSherpy uses bank level SSL 128 bit encryption. Sensitive personal information is securely stored.

Now let's talk about how it practically works

When you signup with GoSherpy we ask you for your:

  • Name
  • Surname
  • Birthdate
  • Nationality
  • Residence

These data are required to create your virtual wallets.
Every Goal you create has a specific wallet - only you can manage funds on your personal wallets. You're in full control.

Ok, but can someone use or move my money ?

Nope, nobody can. Except you.
The bank account where your money are stored is a so called Ring Fenced Account. A Ring Fenced Account is a Bank Account where there is a total protection from external factors.

A Ring Fence is the isolation of a particular project/investment in order to protect it from outside risk factors such as taxes, economic changes, acquisitions.

So in few words this means that your money cannot be touched by anyone except you. Even if GoSherpy or MangoPay shut down, your money will be still there at Barclays available for withdrawal.

This is also the reason why there's no kind of interest on the money we hold for you, since your money cannot be moved or invested and so nobody can make it interests out of it. 

With this mechanism you're always able to withdraw back your funds in every moment you want, no bank run risk.

Did this answer your question?