Kroo is the app and debit Mastercard® that makes money as social as your lives. We are on a mission to change the way that people view both their personal and social finances.

Unlike some firms we do not charge fees for using Kroo or our debit Mastercard®. We do this by operating differently to other payment providers and banks. We have no physical outlets and keep our overheads low with smart tech-driven efficiencies; we pass on those savings to you.

We are now a bank, authorised as a bank by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Currently that authorisation is with restrictions, which is the final step of becoming a fully licenced bank. During this time we will build the infrastructure to become a live bank and will then offer customers a bank account and various other services.

The Debit Mastercard we currently offer is an e-money product and not a bank account. The card is issued by PayrNet Limited ("PayrNet") who are authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (they appear on the FCA Register under firm number 900594).

This means that your funds are not protected by FSCS. PayrNet (and Modulr FS Limited who process some payments for us) hold your money and follow a set of regulatory safeguarding rules to keep your money safe. These rules require them to place your money in a separate and secure account at an institution regulated by the Financial Conduct Authority (FCA). PayrNet and Modulr do not use your money for anything else, for example, they cannot use your money to pay their own staff salaries.

Kroo’s Firm Registration Registration Number is 953772.

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