June 2, 2026
Programme Closure: Incendia / Pyrros
Monavate confirms that the Incendia / Pyrros card programme has been closed, effective 1 June 2026. All card accounts issued under this programme have been terminated and can no longer be used for transactions.
Your Funds Are Safe
All customer funds continue to be safeguarded by Monavate in line with the Electronic Money Regulations 2011. Your money is held in designated safeguarding accounts, separate from Monavate’s own funds, and is protected.
What Happens Next
Customers for whom we hold valid contact data are being contacted directly. If your account holds a positive balance, you will receive further communications within the next 14 days with full details of the refund process, including how to submit your identity documents and claim your funds.
If your account holds a zero balance, no further action is required.
Affected Companies
The following companies operated card programmes under the Incendia / Pyrros arrangement. If you hold a card issued through any of these programmes, this notice applies to you:
| Companies Affected | ||
|---|---|---|
| Ace Car Breakers Ltd | Argall Metal Recycling Ltd | Ash Metal Recycling Ltd |
| Blacktower Financial Management | C Davies Non Ferrous Metals Ltd | Cam Metals Consulting Ltd |
| CEMEX UK Operations Ltd | Chepstow Property Co Ltd | Cheshunt Metals Ltd |
| Chromenet Ltd | Conduit Asset Management Limited | Confidia MB |
| E Platt and Sons | Exceed Outsourcing Ltd | F&S Taxis Ltd |
| GMP Baird Ltd | Gold Star Cars Ltd | Hamptons Metal Merchants LLP |
| Harry Buckland Car Dismantlers | Hawkemet Ltd | Hawkeswood Metal Recycling |
| Hidmona GMBH | Imperial Metal Recyclers | Incendia Expenses |
| Incendia Group Limited | Incendia Migration Account | Incendia Payments |
| Infinity Protect UK Limited | J Sullivan Metals | London Scrap Metal Ltd |
| Lowes Metals and Rec Ltd | Moores Metals Ltd | Optimum Services and Solutions Ltd |
| P Mullaney and Sons Ltd | Peterborough Cars Ltd | Projector Lifting Services Ltd |
| Re-Mark-It Ltd | RR Davies Ltd | Safir International |
| Sandbach Commercial Dismantlers Ltd | SCDS Holdings UK Ltd | Senior Discovery Tours Inc Ltd |
| SHH Operations Limited | Southwark Metals Ltd GBP | Stort Mill Rec Ltd |
| Sullivans of Mortlake Ltd | T and S Metals Ltd | Valens Pay Limited |
| Walkden Metals | Waltham Forest Metals | |
Questions?
If you have any questions about this closure or the refund process, please contact us at info@monavate.com.
All customer funds are safeguarded and protected. Monavate will oversee the full refund programme to ensure all eligible account holders receive their funds.
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Founded in 2020 and now part of Exodus Movement, Inc. (NYSE American: EXOD). Monavate is a limited company registered in England and Wales with Registration Number 12472532 and registered offices at The Officers' Mess Business Centre, Royston Road, Duxford, Cambridge, England, CB22 4QH. Monavate is authorised and regulated by the Financial Conduct Authority with Firm Reference Number 901097, and Registered VAT number 439 773 155.
UAB Monavate is a company incorporated in Lithuania under Legal Entity Code: 305628001 with registered offices at Konstitucijos av. 21A, Vilnius, LT-08130, Lithuania. UAB Monavate is authorised and regulated by the Bank of Lithuania under Authorisation Code: LB002139
The money held in your Card Account is not protected by the Financial Services Compensation Scheme (FSCS). This means that, unlike a bank account, your funds are not covered by a statutory compensation scheme if Monavate were to fail. Instead, we protect your funds in accordance with the Electronic Money Regulations 2011. These regulations require us to safeguard customer funds by:
i. keeping them separate from Monavate’s own money; and
ii. holding them in designated safeguarding accounts with authorised credit institutions, or otherwise protecting them in a manner permitted by law.
Safeguarding is designed to ensure that your funds are protected and prioritised if Monavate were to become insolvent. In such circumstances, safeguarded funds should not be available to Monavate’s creditors and are intended to be returned to customers, subject to the insolvency process.While safeguarding is not the same as FSCS protection, it is a regulatory mechanism specifically designed for electronic money accounts to help keep customer funds safe.
UAB Monavate is a company incorporated in Lithuania under Legal Entity Code: 305628001 with registered offices at Konstitucijos av. 21A, Vilnius, LT-08130, Lithuania. UAB Monavate is authorised and regulated by the Bank of Lithuania under Authorisation Code: LB002139
The money held in your Card Account is not protected by the Financial Services Compensation Scheme (FSCS). This means that, unlike a bank account, your funds are not covered by a statutory compensation scheme if Monavate were to fail. Instead, we protect your funds in accordance with the Electronic Money Regulations 2011. These regulations require us to safeguard customer funds by:
i. keeping them separate from Monavate’s own money; and
ii. holding them in designated safeguarding accounts with authorised credit institutions, or otherwise protecting them in a manner permitted by law.
Safeguarding is designed to ensure that your funds are protected and prioritised if Monavate were to become insolvent. In such circumstances, safeguarded funds should not be available to Monavate’s creditors and are intended to be returned to customers, subject to the insolvency process.While safeguarding is not the same as FSCS protection, it is a regulatory mechanism specifically designed for electronic money accounts to help keep customer funds safe.