When you deposit funds into your Prosper Wallet, here's what actually happens:
1. Your money is held with Griffin Bank
The Prosper Wallet is a digital account held with Griffin Bank — not directly accessible via other banking portals. This is the secure location where your funds are kept before you choose to invest or open a savings product. You can read more about Griffin Bank on their official website here.
2. Your funds are protected by the FSCS
Your deposited funds are safeguarded with the Financial Services Compensation Scheme (FSCS), up to £85,000 per person, per bank. This means your money in the Wallet is secure and protected under UK regulations.
What this means for you:
You can add money to your Prosper Wallet confidently—it’s safely held and backed by FSCS protection.
To start earning interest, transfer your funds from the Wallet into your chosen savings or investment product via the Prosper app.
Please note that interest is not paid on any cash in the Prosper Wallet.