As an EU-licensed financial institution and the issuer of Blackcatcard, Papaya Ltd is legally obliged to protect all customer funds. To ensure maximum safety, we apply a dual protection model that complies with EU regulations:
Safeguarding
All customer funds are held in segregated accounts with trusted European banks:
AS Rietumu Banka (Latvia)
UAB SME Bank (Lithuania)
These safeguarding accounts are completely separate from Papaya Ltd’s corporate funds. This ensures that even in the unlikely event of financial difficulties at Papaya Ltd, your balance remains unaffected and fully protected.
Insurance
On top of safeguarding, Papaya Ltd has an insurance agreement with Axiom, a reputable EU-based insurance company.
This additional layer of protection guarantees that, even in the rare case of insolvency, your funds are safe and cannot be claimed by creditors.
Why This Matters
This approach — fully aligned with EU directives for Electronic Money Institutions (EMIs) — means your money is always:
Segregated from company finances
Covered by insurance
Protected under EU law
🔒 At Blackcat, security and transparency aren’t just promises. They are legal obligations we strictly follow to protect you.