When is Bits going to be available?

Very soon. We’re currently testing it before rolling it out into the big bad hyper-critical world. Basically we want to get it right, so we’re using a waitlist so we can make sure we can keep up with customer demand and deliver the best customer service we can from day one.


How does this Bits app work?

It’s pretty simple.

  1. Download the Bits app to your phone.

  2. Add money to a Pocket.

  3. Add a Bit to a Pocket (if you want to).


What is a Bit?

A Bit is where you superpower the money in your Pocket.


What is a Pocket?

A Pocket is a place in the Bits app where you can put money. Like a real pocket you can put money into it and take money out of it - for free. Unlike a real pocket it has a unique, secure editable payment link attached to it so people can send you money direct into that Pocket. You can have as many Pockets as you like in the Bits app to help you organise your money.


How much does adding a Bit cost?

You pay one simple low monthly subscription which is relative to the Bit amount. There’s no other fees, weird payments, percentages or fines - just a single fixed monthly amount.


What if I don’t want to get a Bit?

No worries. You don’t need to borrow money to use the app. Using the Bits app is a totally free and secure way to get money paid online and to organise your money into Pockets.


So…the Bits app is free to use?

100% free. Unless you choose to get a Bit, the app costs you nothing. Zero. Nada.
Download it and play with it - we’ll be very clear if you’re about to get a Bit, so you won’t end up paying for something you don’t want.

How do I pay back a Bit?

You can pay back a Bit at any time by using a debit card, bank transfer or through a Pocket’s unique, secure payment link. It’s pretty easy to do and there’s clear instructions in the Bits app to help you through the process.


How long do I have to pay back a Bit?

A Bit currently has a lifespan of six months from the day its activated.


What if I want to pay off my Bit early?

Well check you out Rockerfeller. Luckily for you we don’t penalise early re-payment (we’re nice like that), so as soon as you’ve paid your Bit off there’s no more subscription to pay. No Bit = no subscription.


Is the money in my pocket locked if I buy a Bit?

The money in your Pocket is secured to power the Bit you’ve added, and we use that money to make the Bit available. You give a bit to get a Bit.


How much can I get with a Bit?

To begin with we’re limiting a Bit to £500 for new users - but over time you’ll be able to choose a Bit of a higher value. The Bits app will tell you how much of a Bit you can add depending on how much is in your Pocket.


Why would I add a Bit?

Everyone needs to superpower their money from time to time for a short period. A Bit allows you to do this in a simple, low risk, transparent way for a single low monthly subscription - if you need it. If you don’t then the Bits app gives you a great place to receive secure online transactions and organise your money - with the added bonus that should you ever need to superpower that money, it’s just a quick tap away.


Hang on. Is this all legit?

Yes it’s legit. We have to legally comply with all FCA regulations, where applicable. At launch, we will be registered with the FCA as an agent of Modulr FS Limited, an Electronic Money Institution (EMI), authorised and regulated by the FCA with firm reference number 900573.
tl;dr - it’s legal and your money is always safe and secure.


Where is the ‘small’ print?

We try to make things super simple to understand, but you can read the full ‘small’ print related to your data and privacy here and our terms and conditions are here. They will also be available in the app, under your account, for you to look at whenever you want. We’ve also tried to make it not-so-small and easy to understand. So it’s not-so-small-print really. We’re privacy first, and we really sweat those kind of details - so please do take time to read them.


Can I speak to real people?

Of course! We have a team looking after our customers who will be happy to talk to you about anything.


How do I use these ‘Pocket links’ I keep hearing about?

Pocket links are a secure way to allow people to pay you into a Pocket. How you personalise that link is up to you and is unique for each pocket you create. We’re not going to tell you how to use your unique payment links, but some have used them to power their Instagram ‘link in biog’ businesses, crowdfund projects, send money to family members via text - or use them as a desperate way to get their friends to finally pay for that group holiday they bought that everyone conveniently forgot about.


So I can personalise my payment links?

You sure can. Payment links are unique per pocket you create - and you can change the editable part of the link in the app.


Is Bits a UK only thing?

At the moment yes. Making a great product is hard, so we’re focused on the UK and GBP for the moment. We’ll let you know when that changes, but we have plans.


Is there going to be a physical Bits card?

You need another card in your wallet? Ok, fine. Soon. We’re focused on making the app awesome before making any sexy cards. Bits has virtual cards though in the app - so you can use them for online shopping or paying bills. Just no slap-it-on-the-table-at-the-end-of-the-meal plastic. Yet.


Whoa - is this a crypto currency thing?

Hell no. This is real actual cash - not some imaginary dream coin.


Why are you doing this?

Good question, glad you asked. We’re a team of people who have all found borrowing money to be painful and complicated. We’ve found ourselves with some cash in the bank but no way to turn that cash into spending power. We’ve had to borrow money from friends and family to secure a rental deposit or buy something essential to further our careers (like, say, a laptop). We made Bits to allow people who work hard to turn their cash into something more powerful. Borrowing money is something everyone has to do at some point in their lives (unless you’re crazy rich already), yet the current process of borrowing money made us feel poorer, stressed, not in control and - well - a bit sad. Bits allows you to use your hard earned money and turn it into something that can make a real impact - and not feel ripped off for doing so.