Kroo, a London, UK-based social bank, raised £17.7m in Series A funding.
The round was led by tech entrepreneur and founder of Karlani Capital, Rudy Karsan.
The company intends to use the funds to scale up operations, grow its team across engineering, marketing, product, compliance and customer service, and further develop its product offering and app ahead of launch in 2022.
Led by CEO Andrea de Gottardo, Kroo is building a new UK bank to allow its customers to participate in shared financial activity with each other and champion social causes that impact their world. The company, which expects to launch in early 2022, will test its concept through a prepaid card offering, issued under the e-money licence of PayrNet Ltd, and innovative ways for people to track their personal and social finances – to create groups with friends, track spending, and split and pay bills quickly and securely. In addition, a tree-planting referral scheme has already been launched.
Kroo is currently in the process of securing a full banking license. As a regulated bank, it will be able to offer customers a current account, FSCS deposit protection and loans.