Kroo receives banking licence

Monday 27 June 2022 13:56 CET | News

UK-based digital bank Kroo has been granted its full banking licence by the Bank of England

Kroo launched its prepaid offering using state-of-the-art tech to ensure a fully mobile experience in February 2019 and has built a customer base of 23,000. In the coming months, Kroo will offer its existing customers the opportunity to migrate to Kroo’s new personal current account for free.

Kroo is now a fully licensed UK bank and will offer its customers an FSCS-protected personal current account once it launches in the coming months. This banking licence means that Kroo can offer depositors protection via the Financial Services Compensation Scheme for up to GBP 85,000 and can provide its customers with overdrafts, loans, and savings products.

Kroo was founded in 2016 with a vision to change the relationship people have with money for good. Kroo has been built to impact its customers, their communities, and the environment. They have engaged in a tree planting scheme with a mission to plant one million trees and have a board-level social conscious committee. In the future, Kroo plans to contribute 5% of its sustainable profits to the social causes its customer community care about most.

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Keywords: banks, banking license, digital banking, mobile banking, financial services
Categories: Banking & Fintech
Companies: Bank of England, Kroo
Countries: United Kingdom
This article is part of category

Banking & Fintech

Bank of England



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