Kroo raises £26m in a Series B funding round
By Joy Dumasia
Kroo has just closed its most recent funding round, successfully raising £26 million. This round of funding has had incredible results, with over 60% of investors reinvesting, showcasing their belief in the Kroo vision.
This round of investments will assist the neo bank with further growth and development, including recruitment, expansion and social causes. Kroo is on a mission to create a bank that truly connects people financially, enables them to be financially better off, and plays its part in positively impacting the world. They are socially conscious and have several initiatives concerning creating change in communities, tackling environmental issues and simplifying banking.
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. Since its launch, Kroo has raised over £56m in equity funding following 5 series of investment rounds. IBS Intelligence reported that Kroo raised £17.7 million in a Series A funding round led by tech entrepreneur and founder of Karlani Capital, Rudy Karsan.
Andrea De Gottardo, CEO of Kroo, said: “We are extremely pleased with the success of the most recent round of funding. The phenomenal support we have received from our existing investors and the enthusiasm of the new ones who joined the Kroo journey in Series B have been terrific. 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. We are very excited to offer to the UK customers a new digital bank that will have a positive impact on their lives.”
Utilising all investments they receive with caution, Kroo focuses on providing the most important banking features to customers in the initial stages. With this in mind, they’ll begin serving customers with a mobile-only current account with features to be expanded based on customer feedback. Kroo has grown organically to 23,000 prepaid cardholders, with over 120,000 monthly transactions on the platform.
IBS Intelligence reported that digital bank Kroo has received its banking licence and is now authorised with restrictions by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), marking its entrance into the final stage of the UK financial regulators’ rigorous licensing application process.
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