Digital bank Kroo has exceeded its £1 million crowdfunding target within hours of opening its campaign on CrowdCube.
Shares were offered at £2.04 a piece for 0.83% in equity of the UK-based bank valued at £120M. The initial £1 million target was breached thanks to over 1,400 investors contributing on average £1,329.
With eleven days still to go the campaign is continuing to attract new investors, with the total raised currently standing at £1.357 million.
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.
Andrea De Gottardo, CEO of Kroo, says: “We’re thrilled to have reached and exceeded our crowdfunding target. Our approach to banking promises no more teaser deals or ‘hidden’ terms and conditions, just fair and transparent banking that is rewarding all the time. Our goal is to reach the maximum crowdfunding investment in the UK to continue to take on bigger banks."