Kestrl is not a Bank! We use an Electronic Money (e-money) license via a partner of ours called AF Payments. AF Payments is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900440) for the issuing of electronic money and payment instruments.
The main difference between us and a traditional bank is that your funds are protected through a process known as "safeguarding". This means your money will never be lent out to anyone and is always available to you on demand. Instead your deposits are placed in secure accounts with authorised banks who provide guarantees.