Kroo bank discussion

Daliah

Kroo bank has been granted a full UK banking licence and will shortly be able to offer current accounts. Unsecured loans, mortgages and savings accounts will follow. 


 They have been an e-money provider for a while and are believed to have 23,000 customers, and UK-based CS. They are another app-only bank - with the slight issue that their app doesn’t seem  to be available for download at present🤣. Keep an eye out for when they launch 👀

 https://twitter.com/get_kroo/status/1541408897352798210?s=21&t=7kO_4Tn5sWQ81KHROMiXUw

k_man

App is available for Android, although current accounts won't be available for a few months:

https://www.finextra.com/newsarticle/40527/kroo-scores-full-uk-banking-licence

In the next few months, the firm will now offer its 23,000 customers the chance to migrate to a personal current account.

Wonder what will differentiate them from the existing app only banks.

wiseonesomeofthetime

Interesting to see the size of the font on their homepage that highlights:

Our current Debit Mastercard® is not covered by FSCS deposit protection.

That's because the current offering, of course, is not a current account.



Kroo's current service just seems like many other e-money accounts atm.

As @k_man said above, I wonder what they'll bring to the table that's different to other fintech banks right now.

Eyeful

Kroo Ltd (FRN:953772) is protected up to £85000.
https://www.fscs.org.uk/check-your-money-is-protected/

Be careful your money is not given to a Kroo clone by mistake:-
https://register.fca.org.uk/s/unauthorised-firm?id=0014G00002sB58eQAC

crumpet_man

Do they offer anything that Starling do not?  I cannot see why someone would have a Kroo account over Starling.  Is there some special feature which I have missed which will attract customers?

k_man

Eyeful said:

Kroo Ltd (FRN:953772) is protected up to £85000.
https://www.fscs.org.uk/check-your-money-is-protected/

Be careful your money is not given to a Kroo clone by mistake:-
https://register.fca.org.uk/s/unauthorised-firm?id=0014G00002sB58eQAC

It will be protected, once they offer true bank accounts.

Eyeful

k_man said:

Eyeful said:

Kroo Ltd (FRN:953772) is protected up to £85000.
https://www.fscs.org.uk/check-your-money-is-protected/

Be careful your money is not given to a Kroo clone by mistake:-
https://register.fca.org.uk/s/unauthorised-firm?id=0014G00002sB58eQAC

It will be protected, once they offer true bank accounts.

The first Kroo Ltd (FRN: 953772) is already protected up to £85000.

The second is a clone (i.e. scam company) and will not be protected. 

It was just warning, make sure you know who you are giving your money to.

k_man

Eyeful said:

k_man said:

Eyeful said:

Kroo Ltd (FRN:953772) is protected up to £85000.
https://www.fscs.org.uk/check-your-money-is-protected/

Be careful your money is not given to a Kroo clone by mistake:-
https://register.fca.org.uk/s/unauthorised-firm?id=0014G00002sB58eQAC

It will be protected, once they offer true bank accounts.

The first Kroo Ltd (FRN: 953772) is already protected up to £85000.

The second is a clone (i.e. scam company) and will not be protected. 

It was just warning, make sure you know who you are giving your money to.

The warning is helpful, and good advice to be careful, for anyone that may sign up via search engine results etc.

However regarding FSCS protection, while Kroo now has that, now it has been granted a full uk banking licence, it will only apply to new current accounts, once they offer these:

https://help.kroo.com/en/articles/5444053-safeguarding-protection

Safeguarding protection

Updated over a week ago

The money you hold in your Kroo account is protected through “safeguarding”, and not through the Financial Services Competition Scheme (FSCS). That’s because the 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.


"Kroo is now a fully licensed UK bank and will offer its customers an FSCS-protected personal current account once it launches in the coming months. Over the past number of years, a large number of Fintechs have launched, however, very few have been granted banking licences by the Bank of England."

 https://financialit.net/news/digital-banking/uk-digital-bank-kroo-announces-receipt-full-uk-banking-licence#:~:text=Kroo is now a fully,by the Bank of England.

Daliah

You can now join the Kroo waiting list for their current accounts: https://www.kroo.com/waiting-list

masonic

Very important to remember that an institution having FSCS protection is not sufficient. You have to be sure you are using a deposit account, not an e-money account, peer-to-peer lending or anything else. FCA register is a better place to check as you can then see what permissions they have and infer what other types of products they could be marketing, besides current and savings accounts.

ZeroSum

So are they offering anything for me to get this account? Can't see anything