About Kroo đź“–
Kroo is one of the fastest-growing brands in the financial world. The service recently hit the headlines after raising £17.7 million in Series A funding. The brand was previously known as B-Social and is designed to help users engage in shared financial activity. Kroo is also known for promoting social causes and donating part of its profits to them. Let’s take a closer look at Kroo, the Kroo card, the pros and cons of the service and more right now.
What Is Kroo and How Does It Work? 👨‍🏫
The company offers a prepaid e-money debit card, though this should not be confused with a bank account. However, Kroo is in the process of becoming a live bank and securing a full banking licence so it can eventually offer bank accounts and various other services. Users can create groups with their friends, track their spending, split and pay bills in a swift, secure manner.
Kroo is aiming to build a bank that’s “as social as you are”. The company aims to offer a service that’s great for customers, their friends and the world around them. Kroo has been named as the Best Newcomer at the British Bank Awards and plans to offer a current account in the near future. The service allows you to compare your spending from one month to another and delivers detailed breakdowns that tell you where your money is going. You won’t be charged FX fees when you spend or withdraw money with your Kroo card when outside of the UK. The company is known for its ethical activities, which include planting 20 trees every time an invite to Kroo is successful. It is aiming to eventually plant 1 million trees.
Kroo customers can send, request and receive funds immediately. The service is ideal for those who frequently partake in shared spending, which can include paying for meals, splitting household bills and booking group holidays. The company says it is continuing to work on more exciting features for its customers.
The Kroo App 📱
The Kroo app is available through the Apple store and Google Play, meaning you should be able to download it to your iPhone or Android phone with no problems.
According to the bank itself, Kroo is “where friends and money meet”. The Kroo app was designed to help people keep track of money spent with friends so you don’t need to. Once you have created a group with friends, it should be easy to split your bills, keep on track with expenses and be reimbursed when it’s time to be paid back. The optional Mastercard that comes with the service makes it even faster to track expenses in groups and repay friends. As there are no foreign transaction fees, the service is particularly ideal for friends holidaying together.
Is Kroo Safe and Secure? đź”’
Kroo comes complete with a range of features that should deliver valuable peace of mind when you do have security concerns. For instance, you can freeze your card with a simple tap if you ever lose it. Although isn’t a bank at the time of writing, it is due to apply to both the Prudential Financial Authority (PRA) and Financial Conduct Authority (FCA) so it can become one and offer further services to its users. The card that comes with Kroo is issued by Wirecard Card Solutions under a licence from Mastercard. Wirecard Card Solutions is authorised by the Financial Conduct Authority to offer electronic money services and adheres to Electronic Money Regulations 2011.
Kroo Key Features ⚙️
- Split and track expenses with friends
- See who owes who and what they owe them for
- Settle up and send money instantly
How Much Does Kroo Cost? đź’°
Kroo is completely free to use. What’s more is that you won’t be charged when you spend or withdraw money overseas with Kroo.
Advantages of Kroo đź‘Ť
- Simplifies group spending
- See your latest activity and balance immediately
- Can be used across the world
Disadvantages of Kroo đź‘Ž
- As Kroo is an e-money product, it is not covered by FSCS deposit protection
- Some customers claim their accounts have been unfairly closed
Conclusion đź’
If you’re looking for a service to simplify group spending, Kroo may be the solution that you require. The app allows you to pay people and get paid back immediately, and you can split purchases directly from your card. You can see your latest activity and balance anytime you like, and you can use your card anywhere that Mastercard is accepted. If you do have any queries or need any help with Kroo, you can contact customer service staff based in the UK. The app is commonly used for group events like nights out and concerts, flatshares, clubs, holidays, couple’s expenses and sports teams, to give a few examples.
The team at Kroo are delivering on their promise to keep adding valuable new features to their service. Connecting your personal finances with your social activities, Kroo recently announced features that allow you to send payment requests to contacts on Kroo and enable you to split bills by percentages. Smart Split allows you to divide your bill by 50/50, 60/40, 70/30 and so on. Several tweaks and bug fixes have also been announced to iron out several problems with the app and deliver a smoother user experience.
Kroo looks set to become an increasingly prominent player in the e-money field over the coming years. If you’re the kind of person who frequently finds yourself partaking in group spending with friends, or if you live with others and need a simpler way of splitting the bills and ensuring everyone pays their fair share, Kroo could be the ideal service for your requirements. Kroo has won a high number of positive ratings across several review sites recently and has regular been complimented on its app design.
Many customers also say the app is simple to set up and get to grips with, with one Trustpilot user describing Kroo as “fintech at its best”. However, some claim their accounts have been closed without good reason. As with any financial product, it’s always best to check the terms and conditions before you start using Kroo so you can avoid breaking them and continue enjoying the service.
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