Financial Products & Real Estate Regulation

For Investors: Fund Your Capital Call

When your investment manager sends you a payment request to fund your capital call, you will receive an email notification from no-reply@covercy.com or from your investment manager with “Payment request” at the title. You can click “Create Transfer” and follow the on-screen instructions to complete the transfer.

The financial services provider serving your transaction will be determined according to your location:

United Kingdom (Corporates & Individuals):
Payment services are provided by our affiliate Covercy Europe Ltd.

Israel (Corporates & Individuals):
Payment services are provided by our affiliate Covercy Technological Trading Ltd.

For Investment Firms: Distributions Payments & Escrow Accounts

Online Distribution Payments

To efficiently & securely control your investments, you can issue Online Distribution Payments directly from Covercy GP.

Learn more about using Covercy to manage & pay your distributions.

We will typically determine your financial service provider according to the location of your fund or investment syndicate:

United Kingdom:
Payment services are provided by our affiliate Covercy Europe Ltd.

United States:
We will open an account under your fund or syndicate name at Community Federal Savings Bank (under sponsorship), into which you will fund your transactions. Funds are then held in a segregated bank account by our commercial partner The Currency Cloud Limited for the completion of all payments.

European Economic Area:
Funds are held in a segregated bank account by our commercial partner The Currency Cloud Limited, from which our affiliate Covercy Europe Ltd processes all payments.

Israel:
Payment services are provided by our affiliate Covercy Technological Trading Ltd.

Capital Raise Escrow Account

If your capital raise takes more than a few days, you may choose to securely hold your investors’ funds in a dedicated escrow account, where your lawyer (or anyone else you designate) will be the signatory who confirms closing and release of funds.

Your investors will fund their capital call transactions as described above.

These funds will be automatically placed in a designated segregated bank account by our commercial partner The Currency Cloud Limited.
Once closing is confirmed (or cancelled), processing the funding instructions will be done by our affiliate Covercy Europe Ltd.

For Everyone: Transfer Money Abroad

You can instruct generic (non-investment-related) cross border and/or cross-currency transactions using our payment platform.
Learn more about using Covercy to Transfer Money Abroad.

The financial services provider serving your transaction will be determined according to your location:

United Kingdom (Corporates & Individuals) and European Economic Area (Corporates only):

Payment services are provided by our affiliate Covercy Europe Ltd, and some are processed by our commercial partner, the Currency Cloud Limited (UK customers), and CurrencyCloud B.V. (EEA customers).

When CurrencyCloud is a counterparty receiving your funds and these funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called CurrencyCloud. In line with regulatory requirements, CurrencyCloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of CurrencyCloud’s, or our, insolvency. CurrencyCloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

United States (Corporates & Individuals):
Some corporate customers are receiving services from our commercial partners Community Federal Savings Bank (under sponsorship) or The Currency Cloud Inc.

Israel (Corporates & Individuals):
Payment services are provided by our affiliate Covercy Technological Trading Ltd.

Our Affiliates

Covercy Europe Ltd

Regulated by the UK FCA as an “Authorised Payment Institution”, Firm Reference: 675000.

Covercy Technological Trading Ltd

Permitted by the Israel Capital Markets Authority to provide “Financial Services in an Extended Scope”, Company Number: 515200657.

Our Commercial Partners

The Currency Cloud Limited

Regulated by the UK FCA as an “Authorized Electronic Money Institution”, Firm Reference: 900199.

Community Federal Savings Bank (under sponsorship) & The Currency Cloud Inc.

Services may be provided in the United States under sponsorship by Community Federal Savings Bank, to which The Currency Cloud Limited is a service provider, or by The Currency Cloud Inc., registered with FinCEN under MSB Registration Number: 31000177947248
and licensed for money transmission in 44 states.

Banking services:

*Covercy is a financial technology company, and is not a bank. Banking services provided by Thread Bank, Member FDIC.
The Covercy Visa Debit Card is issued by Thread Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa is accepted.
**Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure and a list of program banks at https://thread.bank/program-banks. Please contact customerservice@thread.bank with questions on the sweep program.

Payment services:

The Currency Cloud Limited (Non MIFID related products). Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) Currencycloud Terms of Use All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

Covercy Europe Limited. Registered in England No. 675000. Registered Office: 5 Elstree Gate, Elstree Way, Borehamwood, Hertforshire, WD6 1JD, UK
Covercy Technological Trading Limited. Registered in Israel No. 57797. Registered Office: 3 Ha-Yetsira St, Ramat Gan 5252141.
For clients based in the European Economic Area, payment services for Covercy Europe Ltd. are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).
For clients based in the United States, payment services for Covercy Europe Ltd. are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.
For clients based in the United Kingdom and rest of the world, payment services (Non MIFID related products) for Covercy Europe Ltd. are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).