Wallets

What is a Wallet?

Your ‘Wallet’ on the Odin platform shows the amount of money we currently hold on your behalf in our accounts. These funds belong entirely to you, and you’re free to deposit or withdraw them at any time.

When would I use a Wallet?

Your ‘Wallet’ is a flexible way to hold and manage funds within Odin. You can use the balance to:

• Contribute towards your commitment to a deal.
• Withdraw funds to a nominated bank account in your name.

If you’re investing in multiple deals around the same time, it’s often easier to deposit the total amount into your Wallet once, rather than making multiple transfers.

How do I deposit funds?

1. Go to the ‘Wallets’ section of your Odin account.
2. Click ‘Deposit’ next to the currency you wish to fund.
3. You’ll see the bank details and payment reference for that currency.
4. Transfer your desired amount using those bank details.
5. Your Wallet balance will automatically update once Odin receives and reconciles your payment.
6. You will receive an automated confirmation email whenever funds are added to your Wallet.

Important:

• Make sure you transfer to the correct bank details for your chosen currency — each currency has its own account within your Wallet.

• Funds in your wallet can only be used to invest in deals denominated in the same currency.

   

How do I withdraw funds?

1. Add your bank account details for the relevant currency in the Bank Details section of your investment entity.
2. Once added, go to your Wallet and click ‘Withdraw’ next to the currency you wish to withdraw.
3. Choose whether to withdraw your full balance or a portion of it.

Processing times:

• Withdrawals from your Wallet typically take 3-5 business days to complete.

• During this time, your funds will appear as ‘funds pending withdrawal’ in your Wallet.

   

How do allocate funds to a deal?

1. Go into the Deal page of the deal you wish to allocate funds to. 
2. If you haven't already, go through the flow to commit to the deal
3. Click the 'View payment details' button
4. If you have a wallet balance in the currency of the deal, you'll see a the box on the right, below the deal details, titled 'Invest funds from your wallet'

5. Type in the amount you wish to invest from your wallet into the box, and click 'Invest from wallet'. This will move the funds from your wallet to the deal.

    

Why does my Wallet have a balance?

You might also find funds in your Wallet even if you haven’t made a deposit yourself. This can happen if:

• You receive distributions from a deal you’ve invested in (e.g. following an exit).
• A deal you sent funds to was cancelled.
• Your investment was scaled back due to oversubscription.

In these cases, you can either:

• Reinvest those funds into another deal.

• Withdraw them to a bank account in your name at any time.

   

Where are these funds actually held?

Wallet funds are held in Odin’s Client Money account, in the same way funds have always been held at Odin, prior to deals closing. Simply put, the Odin Wallet shows you how much ‘liquid’ funds we have allocated to your name (not including funds allocated for investment into deals) under our client money accounts. 

Can I allocate wallet funds in one currency to a deal in another currency?

Currently, we’re unable to facilitate this on the platform, as funds would need to be transferred between the two currency accounts. Our banking partner (RBS) typically has below-market Foreign Exchange rates, so in these cases, it is usually best to withdraw the funds to your bank account in one currency and send new funds in another. 

If you still want funds allocated to a deal in another currency regardless of RBS’s below-market Foreign Exchange rate, please contact Odin’s customer support team at hello@joinodin.com. 

Can I withdraw funds to a different currency?

Currently, we’re unable to facilitate this on the platform. 

Due to Foreign Exchange constraints from our partner bank, we typically recommend that users open a Wise or Revolut account to receive foreign currencies.