Why we verify
Why Fundly asks for identity verification, what the Instant card gives you without it, and what verification adds.
Fundly lets you start with a light sign-up and step up to full verification when you want more. This page explains why verification exists, what we check at each level, and what you get in return.
Two levels, one account
| Instant card | Verified | |
|---|---|---|
| What we check | Email, phone, country, device, sanctions screening | Government ID, live selfie, proof of address where required |
| Card | Virtual | Virtual and physical |
| Monthly load limit at launch | Approx. 1,000 to 2,500 EUR equivalent | Up to 50,000 EUR equivalent, higher by review |
| Single transaction at launch | Approx. 500 EUR | Card-scheme limits |
| EUR IBAN account | No | Yes |
| ATM withdrawals | Not available or very low | Yes |
Instant cards have monthly limits set by our partner and regulators. Those limits are exactly what allow us to offer a card without full verification. You keep the same account when you verify, so nothing is lost by starting light.
Why verification is required at all
Fundly is not a bank. Cards are issued by [PARTNER] and the EUR IBAN account is provided by [PARTNER]. These partners hold licences, and the regulators behind those licences require them to know who their customers are before offering higher limits, an account with an IBAN, or a physical card.
The rules involved are usually called anti-money-laundering (AML) and know-your-customer (KYC) rules. They exist so that accounts cannot be used to move the proceeds of crime. They apply to every card issuer and payment institution in Europe, whether or not crypto is involved.
What verification is used for
- Confirming your legal name, so that an IBAN can be opened in that name and salary can be paid to it.
- Confirming your date of birth. You must be at least 18.
- Confirming your country of residence, which determines which partner serves you and which limits apply.
- Screening against sanctions and politically exposed person lists, which our partners are required to do.
We do not use your documents for marketing, and we do not sell them. See the Privacy Policy in Terms and policies.
What we do not do
We do not ask for your seed phrases, private keys or exchange passwords. We do not ask where your crypto came from as part of a standard verification. Occasionally, for large deposits, our partner may ask for a source of funds document, such as a payslip or an exchange statement. This is a normal part of AML rules and is handled through the in-app support chat.
Ready to verify?
Follow the steps in Upgrading from Instant to Verified. If you are new, start with Create your account.
Fundly is a financial technology company, not a bank. Limits and fees described as “at launch” are proposals and may change.