A Wallet is an account in your name that is opened with an independent payment institution - in this case, Mangopay SA - when you register on Walliance.
Mangopay Wallet is a digital account that allows you to manage money related to your investments on Walliance more easily and at no cost.
ℹ️ The Wallet is required to benefit from the services provided by Walliance.
With your Wallet, you can pay your investment amount straight away and receive repayments and returns on your investments without any delay. This digital account helps you manage all your financial transactions directly from the platform, without any complication.
Once your digital Wallet is opened and reloaded by wire transfer from the bank account associated with your account, your money is ready to be invested. When you invest in a project, your money goes from your Wallet to the Wallet of the Issuer Company. The latter is opened and monitored by Walliance, so the Issuer cannot withdraw money from its wallet at any time. Once the campaign is completed, funds are released to the company to develop the project.
If you need to access your average Wallet holdings, beginning and ending balances over a specific fiscal year, for tax or any other reason, please note that this information is shared through a statement published on Walliance by the end of the first quarter of the year following the year of interest.
ℹ️ The tax monitoring obligation in Italy exists only for bank accounts opened abroad (such as that of Mangopay) whose maximum overall value reached during the tax period was greater than €15,000 (even for a single day ). Furthermore, as clarified in Resolution 56/E of 2020 of the Italian Revenue Agency, the payment account, such as the Mangopay Wallet, not being a typical bank “current account”, is not subject to IVAFE.
Mangopay Wallet is a payment account, not a checking account. Hence, it does not come with a statement. However, you can access your transactions directly from your "Account" > "Wallet" area.