Kroo raises £17.7 million in a Series A funding round

By Joy Dumasia

Kroo raised £17.7 million in a Series A funding round led by tech entrepreneur and founder of Karlani Capital, Rudy Karsan. The capital raised will be used to mobilise the bank ahead of its launch in early 2022.

Kroo aims to reduce the anxiety surrounding social finances and make sharing experiences without money getting in the way. Enabling them to create groups with friends, track spending easily, and split and pay bills quickly and securely.

Kroo is currently securing a full banking license to provide a comprehensive platform for customers to navigate their financial lives. ​​As a regulated bank, Kroo will offer customers a safe, secure and intuitively designed current account, FSCS deposit protection and loans at fair and competitive rates.

Kroo will use its Series A funding to drive its mobilisation phase – scaling up operations, growing its team across engineering, marketing, product, compliance and customer service, and further developing its product offering and app ahead of launch in 2022.

Andrea de Gottardo says: “We want to build the world’s greatest social bank: a bank dedicated to its customers and to the world we live. We’re going to do more than just work with Kroo customers to improve their relationship with money and provide them with access to fair loans. We’re going to offer them ways to actively take part in making our world a better place, like carbon offsetting and a tree-planting referral programme.”

Lead investor Rudy Karsan says: “The reason I’m excited about Kroo is that it has a concrete opportunity to dramatically change the way people feel about their bank, for good. Kroo has an exceptionally talented management team and a nimble tech stack that will enable the continuous delivery of banking features customers really care about. I’m confident Kroo is building a sustainable bank and am excited to support them on the next stage of their growth journey.”