WEAVR CASE: 11Onze defends its users

11Onze users have received a communication from Weavr-Paynetics, providers of the El Canut accounts, announcing the unilateral decision to terminate the service by mid-June. Why is this happening now? 

It’s very straightforward: Weavr-Paynetics has been failing in its service, blocking the money of several 11Onze users without any justification. 11Onze has since stood up for its customers, stopped payments to Weavr until the outstanding cases are resolved, and has lodged a complaint with the Bulgarian Central Bank and the UK’s Financial Conduct Authority. 11Onze will not allow any user to have their rights violated without consequences.

“They will not be paid if they do not return our users’ money. We will not negotiate anything other than this. It is precisely the community that must serve to defend the rights of each of its members with the strength of the group”, said James Sène, President of 11Onze, to his employees after Weavr-Paynetics sent a notice of termination of service to all El Canut users. An action, that of directly addressing the users of 11Onze, which seeks to cause reputational damage to the Catalan entity, to double it in this case. 11Onze’s response, however, has been unambiguous: it has given Weavr 7 days to retract the service’s termination and to unblock El Canut users’ funds.

Who is who

First, it is important to be clear who is who in this matter. Paynetics is the financial entity that offers the Bulgarian IBAN and is the depository of the accounts, while Weavr is the British agent that provides the service so that 11Onze can offer it to its community. In other words, when there is a registration, 11Onze compiles the user’s documentation, Weavr verifies it and authorises the creation of an account for Paynetics. This means that every time there is an incident, the 11Onze Back-Office team manages it with Weavr.

Chronology of events

The European Union’s Anti-Money Laundering Act obliges financial institutions to prove the lawful origin of the funds deposited by their customers. It is a standardised procedure to which all institutions are subject. 11Onze and its users have always complied by providing the required documentation, but even so, Weavr has unjustifiably blocked the money of some 11Onze users. As 11Onze’s financial director, Oriol Tafanell, explains: ‘given the intolerable delays in unblocking these deposits (we are talking about months and years in some cases), we decided to stop paying for services that were not being provided as of July 2024’. In other words, 11Onze’s response was crystal clear: fulfil your obligations properly, then we will go back to paying for your services, as we had been doing until now.

According to Tafanell, “since then, some deposits have been unblocked, but, to date, there are still others that have not been so lucky, even though we and our clients have complied with every one of the requirements, some of them surreal, that have been asked of us to unblock them. This stalemate, our refusal to pay unless all deposits are unblocked, led us to write to the Bulgarian National Bank (Paynetics AD’s supervisor) and the UK Financial Conduct Authority (supervisor of banking practices).”

Mea culpa from Weavr

What did Weavr say about all this when he demanded that 11Onze return to regular payments? That it was true, that they had failed in their services. In a 25 February 2025 email to 11Onze, Weavr’s Deputy CEO, Jon Burrell, said: “I am aware that there have been a number of historical operational issues, including one outstanding long-running case. Please be assured that I am now personally overseeing the level of service that is delivered to you, including escalation of the aforementioned long-running issue to ensure the swiftest possible resolution.” Two months later, they still haven’t unlocked this 11Onze user’s money. Now it’s just one case. An 11Onze user who has had his money unjustifiably blocked for far too long. And 11Onze’s response is the same as we would give to any individual user of the entity: to defend the members of the community against any bank abuse. From 11Onze, we deeply regret that this abuse comes from one of our providers, and we announce requests to the relevant authorities (European Banking Authority, Financial Conduct Authority UK, Central Bank of Bulgaria) to make the necessary intermediation or sanction Weavr.

The unacceptable proposal

Currently, the money unpaid by 11Onze to Weavr is double the amount withheld by Weavr from its customers. This has come to this point because 11Onze withheld payments to the value of the blocked deposits. Many months have passed since then, and Weavr has not unblocked all the funds. Finally, the entity made an unacceptable proposal by 11Onze: that the entity should pay 50% of the accumulated charge and that we should forget about the withheld deposits. The response from James Sène, President of 11Onze, is straightforward: “What Weavr does not understand is that we do not want to exchange euros wrongfully withheld from our customers for euros of your billing to 11Onze. We will not entertain this exchange because it puts any member of 11Onze at risk; we will not agree to trade with the rights of our people. We will NEVER do it, no matter what, we have not come all this way to give up our rights. What made us get up off the couch to create 11Onze was the idea of guaranteeing the freedom of the people to manage their money. I don’t care whether it’s 10 euros and 35 cents or 30,000 euros. It belongs to the customers, full stop.”

Below, to be transparent with 11Onze users, we share the key messages in this conflict between Weavr-Paynetics and 11Onze. Through 11Onze Magazine and our newsletter, we will continue to report on this case and will continue to publish relevant documentation for the community.

Economic experts have been warning for some time about a reality affecting the Spanish banking system. The deposit guarantee fund, which is supposed to protect our savings in the event of a bank failure, could be insufficient. How can we secure our finances?

In theory, a deposit guarantee fund (DGF) protects the savings we have in the country’s banks by imposing a fixed term of up to a maximum of 100,000 euros per individual or legal entity. In this way, if a bank were to fail and could not meet its obligations to its customers, the country’s DGF would be responsible for compensating account holders for their savings up to a maximum of 100,000 euros. Even so, if you had more than 100,000 euros in a single current account, the DGF would not cover the difference.

This is the theory, but in practice, economic experts warn that this DGF, in Spain, has a black hole that would prevent it from covering losses. At this point, it is necessary to ask how the DGF gets its resources. All the banks that are registered in the State Register of Banks and State Banks, and which have access to financing from the Bank of Spain, have to make contributions to the DGF. Thus, as recommended by the European Central Bank, the DGF’s resources should be at least 1% of the total deposits contracted by the country’s banks.

Therefore, according to the calculations made by experts, Spain’s DGF should have between 5,500 and 8,250 million euros at its disposal. Even so, prestigious economists such as Santiago Niño Becerra consider that this figure falls short in the event that some of the main banking operators of the Spanish State go bankrupt. And, as if that were not enough, they warn that the DGF does not even have these 8,250 million, because it is still recovering from the contributions it had to make during the bank bailout due to the economic crisis of 2008. If the DGF’s figures are negative, they warn, it is necessary to take a cautious approach. This is why banks have complimentary insurance: where the DGF does not reach, insurance must reach.

EMIs, a safe bet

For this reason, experts recommend opening current accounts in banks that have insured customer deposits through Electronic Money Institutions (EMI), as 11Onze does. EMIs are regulated companies that are authorized to issue electronic money as a digital equivalent to cash. EMI licenses are issued by the Central Banks of each country, and in order to operate in the European Union they are required to have a very high capital.

EMIs, unlike traditional banks, are not allowed to sell unsound banking products, promote investment products or recommend credit-risky transactions to customers. This last condition is possibly the most important, because when a client deposits his money in a traditional bank, he is taking a risk. This is because banks are allowed to use customer deposits for lending. EMIs, on the other hand, are not authorized to do so and, therefore, offer zero risk and ensure that your savings are 100% safe.

In addition, these EMIs are required to insure 100% of the deposits received with insurance policies, regardless of the amount. In addition, the money cannot be deposited in just any bank: it has to be a bank of recognized solvency and classified among the Globally Systemic Important Banks (GSIB). Finally, customer deposits insured by an EMI are not part of the balance sheet of the EMI itself and are, therefore, off the balance sheet in case of bankruptcy of the EMI, i.e. they are still protected by the insurance, which guarantees full recovery of the savings.

If you want to know more about superior options to make your money profitable, go to Guaranteed Funds. From 11Onze Recomana we propose you the best options in the market.

It’s been a year since the launch of Litigation Funding, one of 11Onze Recommends’ flagship products that offers returns of between 9 and 11% by financing lawsuits against banks and institutions that have used illegal practices against their clients. How has it performed so far? Are our clients satisfied? Farhaan Mir, CTO of 11Onze, gives us an update.

In the inflationary economic environment we have experienced in recent years, people have not only seen their purchasing power eroded but have also experienced a loss in the value of their savings. It is in this context that Litigation Funding that 11Onze Recommends was born, to shield the savings of our community members against runaway inflation.

Litigation Funding offers returns ranging from 9% to 11%, depending on the amount contributed, financing the legal costs of law firms pursuing claims against banks and institutions that have used illegal practices against their clients. This social justice product offers high returns at very low risk. And that’s all well and good, but have these objectives been met a year after its launch?

A unique product in the market

As a general rule, investments that offer high returns come with high risk, while low-risk investments offer more stable, but potentially lower, returns.

This is not the case with Litigation Funding, as Farhaan Mir explains, “In this case, the risk is managed by an insurance that covers the clients’ capital“. Even so, in the first year, there has been a 100% success rate in the lawsuits, and it has not been necessary to use insurance.

A recurring investment

Perhaps the metric that most exemplifies the success and good performance of Litigation Funding is that almost 100% of clients have reinvested their money in the same product. “Clients are very happy with the returns and, apart from one person who needed the money for personal matters, everyone has reinvested their capital.”

Litigation Funding has been structured exclusively for members of the 11Onze community, offering two ways to participate: a product that returns your capital and possible profits after one year, or another option where your capital works for a few years and provides you with a monthly return after six months. As Mir points out, “The longer the period, the greater the returns for investors”.

Fund lawsuits against banks. Get justice and returns on your savings above inflation thanks to the compensation the banks will have to pay. All the information about Litigation Funding can be found at 11Onze Recommends.

One of 11Onze Recommend’s star products generates high yields by financing the litigations of law firms that pursue claims from citizens who were misled by banks. You can now participate as a group, reducing the amount of capital contributed individually but keeping the percentage of the profits. Farhaan Mir, CFO of 11Onze, explains how it works.

The success of Litigation Funding comes from the concept of providing social justice while obtaining high returns with a low-risk product thanks to the insurance that covers the funds provided by the clients. Since its launch, we have been expanding its scope, while reducing the minimum amount of access capital.

From the minimum initial capital of 25,000 euros, we were able to get our provider to reduce it to 10,000 euros, making this product accessible to a larger number of people in the 11Onze community.

Obviously, the higher the amount of capital provided, the higher the returns. That is why, at the request of our community, we are now also offering the possibility of a group contribution, either among family or friends, so that the financing can be shared while maintaining the percentage of the profits.

Group contributions

Litigation Funding generates returns of between 9% and 11%, well above what traditional banks offer for our savings. Even so, not everyone can afford to make a capital contribution of 25,000 or 50,000 euros to obtain maximum returns. By offering the option to contribute money collectively, we multiply the benefits.

As Farhaan Mir explains, “If you have two people who put in 25,000 euros each, that’s considered a 50,000-euro contribution. And the two people get the benefits of the 50,000”. Therefore, instead of getting a return of 9%, which would correspond to 25,000 euros, you will generate profits of 10%, from a contribution of 50,000 euros.

Unfavourable cases covered by insurance

The success rate of the cases to which Litigation Funding has provided funds exceeds 90%. Even so, if there is an unfavourable case, the funds contributed by our clients are covered by insurance, regardless of the amount contributed.

It is therefore a low-risk product. “Any contribution against the cases we are funding is guaranteed. So we have full security for the funds we are providing to the law firm,” says Mir.

If you want to find out how to get returns on your savings with a social justice product, 11Onze recommends Litigation Funding.

11Onze Podcast launches a series of chapters to find out all about banking abuses, conversations with Arcadi Sala-Planell, Head of Legal at 11Onze. First chapter: les comissions.

“All traditional banks have jumped on the commissions’ bandwagon to make money, because banks can’t survive”, explains Sala-Planell in the first chapter of Abusos Bancaris. In several chapters, the lawyer will go through the abuses most commonly suffered by users of the banking system, in conversation with the Head of Contents of 11Onze Toni Mata.

“Banking commissions are regulated, but in practice financial institutions bypass this regulation“, says Sala-Planell, who recommends checking on the Bank of Spain’s website whether the commissions are irregular or not. “The banks abuse people because they know they won’t go to court for a commission,” says the CLO of 11Onze.

More 11Onze Podcast

In addition to the chapters on banking abuses, 11Onze Podcast will increase its content offering. It will do so with conversations on topics of interest around the world of money that will feature 11Onze agents and some of its managers.

Do you want to be the first to receive the latest news about 11Onze? Click here to subscribe to our Telegram channel

Cross of Sant Jordi, created and promoted Fluidra until it became an Ibex-35 company. The businessman, as far as Catalonia is concerned, has passed away at the age of 83.

The 11Onze community is mourning the death of one of its members, Joan Planes Vila. The businessman, born in Estamariu (Alt Urgell, Catalonia), is one of the best known names in the country for his role in Fluidra. He was a founder in 1969 and turned this company in the pool sector into a leading multinational with a presence in more than 45 countries.

11Onze mourns the loss of a great Catalan businessman, one of those who best represents the Catalan entrepreneurial spirit: courage, genius, humility, and love for the land. 

Onze’s chairman, James Sène, commented on the news: “I woke up today mourning the departure of my dear Joan. I will never forget his advice and comfort during the most difficult periods of the birth of 11Onze. A good, discreet, humble and very intelligent man. I remember with pride and tenderness his words: You are the black Joan, and I want things to go well for you!” See you soon, master.

Fluidra, first based in Sabadell and now in Sant Cugat del Vallès, is probably his best-known project due to its international impact and its presence on the Ibex-35. But the businessman also played a prominent cultural role, becoming involved as chairman of the Board of Trustees of the Fundació Privada Orquestra Simfònica del Vallès and of the Fundació Opera de Catalunya, both based in the capital of Vallès Occidental. Planes was also a member of the Board of Directors of the Catalan Choral Association and of the Barcelona Chamber of Commerce.

Today 11Onze conveys its condolences to the family and wishes Joan Planes Vila to rest in peace.

The members of our community who invested in Litigation Funding a year ago have already obtained their returns of between 9% and 11%. How was the process? Would they recommend it? Dolors Tomàs, a client of 11Onze, tells us about her experience.

It is just over a year since 11Onze Recommends launched Litigation Funding through one of our providers in the United Kingdom, offering the possibility of obtaining returns of between 9 and 11% for your money by financing the legal costs of law firms that pursue claims from citizens who were misled by banks or housing authorities.

With the capital 100% insured and a success rate on more than 90% of the litigations, the launch of this product has been a great success. But it’s one thing for us to tell you about it and another for our customers to tell you about their experience. Dolors Tomàs, a member of the 11Onze community, has invested because she trusts us and is satisfied with the results.

Social justice and high returns

For 11Onze, it is key to find feasible ways to offer socially conscious wealth creation opportunities for its community. Litigation Funding by 11Onze Recommends promises a good investment option. As James Sène, President of 11Onze explained: “Our litigation funds focus primarily on lawsuits against banks. This not only helps to deliver social justice; it also offers high returns above inflation thanks to the compensation the banks will have to pay”.

This concept of doing social justice was one of the main reasons why Dolors decided to put her money towards Litigation Funding: “I saw that it was something that appealed to me and that was necessary. As a customer, I wouldn’t mind paying a high fee to lawyers to get a return if I was a victim of bank fraud.”

How has Litigation Funding generated these profits?

Litigation Funding generates profits by funding the legal work of a law firm that focuses on lawsuits against the most delinquent municipalities and banks. As Farhaan Mir, 11Onze’s CFO, explains, “It has worked very well. The progress of litigation has been consistent through the initial formal steps by the law firm and to the point where most cases are being settled.”

Dolors confirms that “everything has worked out very well” and adds that one of the reasons why she lost her fear of investing is that “the capital is guaranteed by insurance, meaning that iif the judicial process does not go as expected and you don’t win the trial, you can get your money back”. That is why 11Onze recommends this product, which is considered a unique and low-risk opportunity.

Fund lawsuits against banks. Get justice and returns on your savings above inflation thanks to the compensation the banks will have to pay. All the information about Litigation Funding can be found at 11Onze Recommends.

Litigation Funding, which 11Onze recommends, gives you returns on your savings that are much higher than those offered by traditional banks and with total security. It is not us telling you, it is our clients, such as Carme Masó.

Diversifying our savings in safe-haven assets such as precious metals or in low-risk investments that help us fight inflation is essential if we want to protect our capital.

Although bank deposits are starting to improve their returns thanks to rising interest rates, they are still not sufficient to compensate for the loss of purchasing power caused by high inflation. Similarly, over the last 15 years, investment funds in Spain have only generated an average return of 1.91%, well below inflation.

In this economic context, Litigation Funding offers yields ranging from 9% to 11% depending on the amount contributed and gives you a fixed return with a success rate of over 90%. Furthermore, it gives you total security, since the capital of 11Onze’s clients is 100% insured if the legal process does not go as planned.

A safe and highly profitable proposal

If we want to protect our savings, it is not easy to find a low-risk product that offers good returns. As a general rule, the higher the returns, the higher the risk.

This is not the case with Litigation Funding and this is what attracted Carme Masó: “The first thing that caught my attention was the interest they offered, fixed and much higher than other options“, and she stresses the importance of insurance, “The money is insured, you never lose it, at most you will stay the same as you are, but you will not lose it”.

A self-certified qualified investor

When you ask for information to assess whether to invest, the first step is to sign a document certifying you as a qualified investor. In other words, the investor tells the investment company or platform that he/she knows what he/she is doing and that he/she feels comfortable being informed of the risks involved in the investment.

This document does not compel you to make any investment, but it is often a legal requirement to get the information. In the case of Litigation Funding, our UK provider is obliged to comply with UK regulations. Therefore, before you can provide full details of the product, you have to fill out what is known as a Self-Certified Sophisticated Investor document.

Carme was not surprised to see this document, “I had to sign a similar one when I bought gold with 11Onze Preciosos, and they had already explained to me what it was all about“. In any case, the process is very transparent and all the documentation is translated into Catalan.

Would you recommend Litigation Funding?

At the request of our community, we have worked with our provider to lower the barrier to entry to Litigation Funding by offering the option to contribute money as a group, so that more members of our community can participate.

But more importantly, would clients who already have experience with this product recommend it? Masó has no doubts, “It has worked for me. “This year the investment has finished and they have given me the interest. The money, which I could have collected, I have invested it again in Litigation Funding”.

Fund lawsuits against banks. Get justice done and returns on your savings above inflation thanks to the compensation the banks will have to pay. All the information about Litigation Funding can be found at 11Onze Recommends.

Extreme weather events are becoming more and more frequent. It can rain too much or not even a drop for months. As Coral Santacruz, a chemical engineer and member of the 11Onze marketing team, argues, rational water consumption is necessary to guarantee water supply and contribute to slowing down climate change.

Rainfall in March and April is making the situation of the reservoirs in Catalonia improve “a little” after a few abnormal months in which “it has hardly rained at all.” This is what Coral Santacruz explains in a new chapter of Territori 17.

Despite this improvement, the chemical engineer and member of the 11Onze marketing team stresses that we must not forget the responsibility that each one of us has when it comes to conserving such a precious resource as water: “It is just as important that it rains, as it is that we are conscious of the way we consume that water.”

Although it is true that in Catalonia the industrial and domestic sectors “consume approximately 20% of water and the remaining 80% is consumed in the agricultural sector”, we can all do our bit to avoid wasting water at home, reasons Santacruz: “We think thato our personal consumption doesn’t have a global effect, but if everyone adopts certain habits, we can significantly help in countering climate change.”

The binomial of water and plastic

As the chemical engineer explains, one problem linked to water consumption is all the plastic generated by bottled water. To give us an idea of the extent of the environmental tragedy, she gives a shocking statistic: “In the last 70 years we have dumped more than 150 million tonnes of plastic into our rivers, seas and oceans.”

In fact, if we don’t put a stop to it, “there will come a time when there will be more plastic than fish in the sea.” And it should be borne in mind that “plastic takes a long time to degrade.” Moreover, these plastics can even reach our bodies because fish and other animals in the marine ecosystem “end up ingesting microplastics,” says Santacruz.

The option of filtered water

To help reduce the generation of plastics, the chemical engineer advocates replacing bottled water consumption with filtered tap water, as the filters allow “many impurities” to be eliminated. Moreover, as Coral Santacruz explains, “they retain chlorine and lime, the main impurities that cause the bad taste of tap water.”

The member of the 11Onze marketing team also stresses the impact that this saving of water and plastic has on the domestic economy thanks to the use of filters: “If we really did the calculation, we would realise how much we save per year” because of “all these bottles” of water that are no longer purchased.

The reality is that the economic factor and the environmental issue are increasingly linked. As Coral Santacruz says, “in the end everything counts, everything is related.”

If you want to discover how to drink the best water, save money and help the planet, go to 11Onze Essentials.

One of the founding objectives of 11Onze is to offer tools so that our community can reduce costs by managing their money more effectively. Some might think that this is just a marketing slogan, a nice phrase that sounds good and that’s it. Therefore, we have contacted some of our 11Onze Segurs customers to let their testimonials speak for themselves.

Offering a good product at a reasonable price is not an easy job. At 11Onze Segurs we analysed the different options provided by the home insurance market for months, as well as carrying out studies of insurance costs through surveys of members of our community who are homeowners.

The objective was clear: to be able to offer our clients the best home insurance, comparing coverage from various providers to find the best option that adapted to the particular circumstances of each one, and at a more than competitive price, from €5 per month.

But the price is not everything. From the outset, it was clear to us that we had to reduce the amount of paperwork and small print that accompanies any insurance policy. Simplicity and transparency in the scope of the cover we are taking out give us more peace of mind and avoid last-minute surprises.

The result of a job well done

The effort has been worth it, and we believe we have succeeded. At 11Onze Segurs you can take out and manage your home insurance from your mobile phone, streamlining procedures, paying a monthly or annual fee, with no permanence, between 15% and 20% cheaper than with traditional insurance companies, and without forgetting our commitment to society as a certified B Corp company.

But it is not just us telling you, Vincenç Aguilà, from Sabadell, explains that he was clearly overpaying for his home insurance. By switching to 11Onze Segurs he saves €350 a year. And when we asked him what he intended to do with the money he saved: “Reinvest it in 11Onze!

From Roquetes, Gemma Monllau explains that she is “delighted with the decision to change insurance”, she has saved €55 in the policy fee, which will help her to cover “other expenses, as everything is getting more expensive!“. Xavier Tornos, from Terrassa, had no doubts, with the €100 he has saved by switching to 11Onze Segurs, he has bought “a new Bluetooth speaker!

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.