Krak

Krak, Payward's global financial app

Krak is a mobile financial services app operated under Kraken, Payward's financial technology company. It is presented as a tool for managing money from your phone: spend with a debit card, send funds abroad, and earn yield on your balance. The company clarifies that it is not a bank and that account balances are not FDIC- or SIPC-insured.

Debit card and rewards

The Krak debit card works without points, categories, or activations. The site's catalog indicated cashback of up to 2% on all purchases, with 2% during the first 30 days, and specified that ATM withdrawals are not included in the calculation and that the minimum transaction amount to earn cashback is $0.50. The card is issued through Lead Bank under a license from Visa U.S.A. Inc. and is available in all U.S. states except New York, Maine, Massachusetts, and Indiana. Users can choose their card design and add it to Apple Pay or Google Pay.

International transfers and Kraktag

The app lets you send money instantly to over 160 countries and move more than 600 currencies, according to the site's information, which describes those transfers as free. Users can send, split bills, or receive payments using their Kraktag. Free instant transfers are made between Kraken users. The company warns that variable spreads may apply when spending, along with foreign exchange fees and third-party ATM charges.

Yield on your balance and Krak Vaults

Krak offers yield on your USDG balance of up to 3.6% APY automatically, and lets you deposit assets into Krak Vaults to access yields of up to 5.18% APY. The site indicated that the APY is variable, depends on market conditions and onchain conditions, and is not guaranteed. Vaults are an unregulated product provided by Payward Wallet, LLC. Availability is subject to geographic restrictions and the service is not available in the EEA.

Security, custody, and support

The company notes that funds are safeguarded and backed by Proof-of-Reserves. The account is protected with a passkey, two-factor authentication, and email verification. Support is available 24/7 through the help center or in-app chat. Third-party payments are provided by Payward Interactive, Inc. (NMLS #1843762), a licensed money transmitter; funds are held in a pooled account at Citibank, N.A. in the name of Payward Interactive, Inc. for the benefit of users, and ACH transfers typically settle in 1 or 2 business days.

Opening an account and availability

To open an account, you need to download the app from the App Store or Google Play, tap "Create an account," and enter your email, a secure password, and your country of residence. You can also log in with existing Kraken credentials. The app is only available in mobile format and signing up is free. Crypto services for U.S. clients and their territories are provided by Payward Interactive, Inc. (dba Kraken), an entity registered with FINCEN as a money services business and a subsidiary of Payward, Inc.

Referral program

Krak has a program for inviting friends that lets you earn up to $100 in cash rewards, according to the terms indicated in the app. The company notes that bonuses are only available in certain geographic areas and that terms and conditions apply.