Kroo, ClearBank to build social bank

Thursday 14 July 2022 14:51 CET | News

Kroo has selected ClearBank to provide access to all UK payment schemes as well as accounts for its operational funds.


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.

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Keywords: partnership, online banking
Categories: Banking & Fintech
Companies: ClearBank, Kroo
Countries: United Kingdom
This article is part of category

Banking & Fintech




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