Kroo recently secured a full UK banking licence and ClearBank will continue to support Kroo on its mission to build the world’s greatest fully licenced social bank.
Founded in 2016, Kroo began as an Electronic Money distributor providing a digital-only prepaid card, before being awarded a banking licence in June 2022. At its core, Kroo is a mobile-only social bank focused on app-based transactions, splitting payments, and wider sustainable finance initiatives – it has a mission to plant one million trees and plans to contribute five percent of sustainable profits to social causes its customers care about. Kroo plans to launch personal current accounts in the coming months of 2022.
ClearBank has worked with Kroo for the duration of its journey towards becoming a fully regulated bank, providing the technical and regulatory support to accelerate the process whilst demonstrating operational resilience. Specifically, ClearBank provided operational accounts, access to UK payment schemes, and the technical integrations that allowed Kroo to build its banking stack before gaining full regulatory approval. This approach eases one of the burdens of banking licence applications by confirming to regulators that Kroo has a resilient and reliable banking partner for both payments and the safeguarding of client funds.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.