The money you hold in your Kroo e-money card is protected through “safeguarding”, and not through the Financial Services Competition Scheme (FSCS). That’s because the existing Kroo card is an e-money product and not a bank account. It is issued by PayrNet Limited and uses Modulr FS Limited’s platform. Both of these companies are e-money firms authorised by the Financial Conduct Authority and are required to place your money in separate and secure accounts.
Payrnet and Modulr do not use your money for anything else; for example, they cannot use your money to pay their own staff salaries. This means that in the unlikely event of PayrNet or Modulr becoming insolvent, you should get most, if not all of your money back.
To decide if this is the right level of protection for you, please visit the FCA website or get in touch if you have any questions.