The Expend Prepaid Mastercard is issued by Prepaid Financial Services Limited (PFS) pursuant to a license from Mastercard International Incorporated. Prepaid Financial Services Limited is regulated and authorised by the Financial Conduct Authority (FCA), as an Electronic Money Institution.

It is crucial to recognise that, although Expend is able to provide a user with a prepaid debit card on the Expend platform, Expend is not the card issuer and therefore does not have any contact with the funds a user places into their account. Accordingly, funds are protected by PFS, Expend’s card issuer.
​ 
The Financial Services Compensation Scheme (FSCS) was set up to cover deposits, insurance policies, investments and mortgages. Electronic money is not within the scope of the FSCS.
​ 
PFS is, however, regulated by the FCA’s Electronic Money Regulations. The Electronic Money Regulations impose safeguarding requirements to protect customer funds. As a regulated entity, PFS is required to safeguard all cardholders’ funds and to prevent the use of cardholders’ funds for its own purposes by ensuring that the funds are held in segregated bank accounts separately from PFS’s own funds and insulated against the claims of creditors in the event of PFS insolvency.