Funds in your Account are not protected by the Financial Services Compensation Scheme (FSCS).
Instead, they are safeguarded in compliance with the Electronic Money Regulations 2011. This means that while your funds are securely held and protected against company insolvency, they do not have the FSCS protection that is typically associated with a bank account.
Safeguarding is a set of laws that governs how an e-money firm must protect customer funds. The key difference is that whilst FSCS protects up to £120,000 of your deposits in the event of a Bank's closure, under safeguarding rules ALL of your funds must be ring fenced and sent back to the customer if Kestrl or AF Payments closes.
For more information please see this detailed blog post illustrating the differences.