Newly authorised mobile-only UK bank Kroo has raised £26 million to grow its team and expand its product offerings.
Kroo's current product range - a prepaid debit card and app - enables customers to easily create groups with friends, track spending, and split and pay bills quickly and securely. To date, Kroo has grown organically to 23,000 prepaid cardholders, with over 120,000 monthly transactions on the platform.
Kroo intends to gradually close down the prepaid card scheme and offer its users the ability to transition their existing accounts over to the new Kroo current account, and offer credit products further down the line.
Andrea De Gottardo, CEO of Kroo, says: “The money raised will go a long way in supporting the launch to market of our current account, the development of our lending proposition and the scaling up of the company"
Kroo is positioning itself as a bank with a social conscious. The firm launched a customer tree-planting referral scheme in June 2021, has a board-level social conscience committee and has pledged to donate a percentage of its profits to social causes.
Kroo has now raised over £56m in equity funding since launch following five series of investment rounds.