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Digital bank Kroo launches crowdfunding campaign

Kroo, a self-described "socially conscious" digital bank, is launching a crowdfunding campaign on Crowdcube.

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Digital bank Kroo launches crowdfunding campaign

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Since securing its full UK banking licence in 2022, Kroo has opened 145,000 accounts, and grown faster than any other new bank with £765 million in deposits.

The startup has already raised £72 million and in September confirmed that it had begun approaching investors for another £70 million round.

Now it is inviting customers to invest anything from £10 to £500,000 in its Crowdcube campaign, which will be opened up to the wider public in 15 November.

Kroo's selling point is its promise to not profit from high interest rates but to pass on the benefits to customers. After raising rates five times since launch, the digital bank released its ‘tracker’ interest rate set 0.9% below the Bank of England’s base rate.

Andrea De Gottardo, CEO, Kroo, says: "By inviting our growing customer base to be investors, they will have a say in how we run the bank - from our services to our products.

"This crowdfunding round will help us create a powerful movement to change banking for good. We know this won’t be easy, so we are excited to build a community of like-minded conscious consumers alongside us."

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