Kroo closes Series B after raising £26 Million
Kroo has just closed their 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 making a positive impact on the world. They are socially conscious and have a number of initiatives in place with regard to 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. Kroo has now raised over £56m in equity funding since launch following 5 series of investment rounds.
Utilising all investments they receive with caution, Kroo are focused 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. To date, Kroo has grown organically to 23,000 prepaid cardholders, with over 120,000 monthly transactions on the platform.
Andrea De Gottardo, CEO of Kroo, says “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”
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