Kroo lands full UK banking license

Digital neobank Kroo has secured a full UK banking license, ahead of its plans to launch personal current accounts.

According to a report by AltFi, the bank will be able to offer its customers Financial Services Compensation Scheme-protected personal current accounts for up to £85,000, as well as provide overdrafts, loans and savings products.

The neobank raised £26m in a Series B funding round earlier in June. At the time, the company’s CEO Andrea de Gottardo said the funds will support the launch to market of its current account.

Speaking of the acquisition of the license, Gottardo said, “This represents a key milestone in our 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.”

The banking license sees Kroo joins the ranks of Monzo, Starling Bank and Atom Bank in being granted a licence with a personal current account.

Kroo describes itself as a “social bank”, looking to change the relationship its customers have with money.

Another neobank, Singapore-based Stashfin has recently received $270m in a funding round comprising debt and equity.

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