Kroo

UK-based Kroo is a digital bank that offers current accounts with debit cards as well as overdraft facilities, targeting customers primarily aged 18 to 35. Its current account is named 2&2, where the bank offers 2% AER for up to GBP 85,000 and claims to plant two trees for every new customer. The current account can be opened for free, and it does not charge monthly fees or international transaction fees. In addition, the account provides real-time insights on customer spending and can be linked with Apple Pay. The company also offers Kroo Pots, a money management feature that allows customers to organize, allocate, and save their money for various uses.

Kroo obtained its full banking license from the Bank of England in June 2022, and it initially offered only e-money debit cards. However, it no longer offers this service to new customers.

Key customers and partnerships

Kroo’s e-money debit card is issued by PayrNet, pursuant to a license by Mastercard. In addition, it has partnered with LOQBOX to help its customers build credit scores.

As of November 2023, it had amassed GBP 765 million (~USD 950 million) in deposits across 145,000 bank accounts.

Funding and financials

In May 2022, Kroo raised GBP 26 million (~USD 31.6 million) in a Series B funding, with 60% of its existing investors participating. In addition, it raised a further GBP 2 million (~USD 2.5 million) through a crowdfunding round that concluded in November 2023. The company intended to utilize the newly acquired funds to enhance its product offerings and strengthen its presence in the market.