Your data and money are safe
Bueno works with licensed Electronic Money Institutions, referred to as EMIs, to offer financial products. Our customers funds are held in favour of them in specially segregated accounts with traditional banks.
There are many advantages of having an account with a company like Bueno. For example, account opening is much quicker, may require fewer documents and you don’t have to visit a bank branch, ever. Lower costs and more innovative products are other advantages.
EMIs are licensed to provide financial services, they can offer accounts and cards, directly or through partners. SEFIDE EDE S.L.U. (which is regulated by the Bank of Spain (Banco de España)) through a partnership with B2B Fintech Solutions S.L. provides the Spanish accounts used by Bueno’s clients.
Electronic Money Institutions follow governmental regulations and have all necessary functions for ensuring the customers’ financial security. SEFIDE EDE S.L.U., who provide the Spanish accounts, B2B Fintech Solutions S.L. and Ourselves have strong measures in place to protect your details, keep them private and ensure that your funds, transfers and cards are secure.
They have to keep the full balance of all customer deposits in a segregated account at any given time. When it comes to your money, EMI’s are safe and you can trust an account with Bueno.
There are some differences between EMIs and banks. EMIs cannot offer loans or investment products, they can however partner with other financial institutions to offer these types of products. EMI accounts are not covered by any deposit guarantee scheme, however, the EMI needs to hold the full customer balance in a segregated account at all times.