Yes. The business account accessed via the Parpera App is issued by and your money is stored with Wise Australia Pty Ltd (Wise) ACN 616 463 855. Wise holds an Australian Financial Services Licence (AFSL) number 513764 and is a Purchased Payment Facility (PPF) provider authorised by the Australian Prudential Regulation Authority (APRA).

Wise has a regulatory obligation to hold all of your money in cash and secure liquid assets. Wise does not lend out your money. Banks do. This is why governments make banks insure their deposits by participating in country-specific deposit insurance schemes like the FSCS and FDIC.

Because Wise isn’t lending your money they handle it differently, by safeguarding it. Safeguarding means that Wise look after your money, keep it separate from their own money, and keep it available to you whenever you need it.