By Zoran Temelkov June, 2022
The UK-based neobank Kroo secures $33 million, £26 million, in a Series B funding round with more than half of the funds provided by existing investors.
The round was completed almost a year after Kroo received its restricted banking license issued by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Kroo will use the newly acquired funds to expand its team and available products as well as to support the launch to market of its current account. According to a press release, the company plans to realize its Series C funding next year.
Kroo was launched in early 2016, and to date, it has raised a total of £56 million in equity funding after multiple series of investment rounds. During its Series A round in August 2021, led by Rudy Karsan, the company raised $24.5 million or £17.7 million.
The neobank Kroo is a digital only e-money account that eliminates the need for paperwork or credit checks. Kroo users are offered a debit Mastercard which can be used through its app. An important aspect differentiating Kroo from other companies is its “social conscious” initiative associated with the tree-planting scheme.