B-Social secures capital as it closes in on UK banking licence

B-Social, a mobile app which helps to ease the sharing of expenses and paying back friends, has collected £7.8m in funding as it nears the end of its UK banking licence application.

The FinTech secured the capital from a selection of unnamed angel investors.

In the coming months, the company will release a new service that lets users fund their account via a bank transfer. In conjunction with this, B-Social will release a new brand.

Having secured the fresh line of capital, the company is looking to double the size of its team, with a focus on its development, product management and product design teams.

The company, which has more than 9,000 users, offers a mobile app which helps people split bills and keep track of shared spending whether its housemates, friends, trips or family.

The service supports instant payments when sending or receiving funds from other B-Social users.

There is a Beda debit Mastercard which lets users to make payments or withdraw cash for free at ATMs.

In a blog post, the company said, “As far as moving closer to becoming a bank, we are at the last stage of the pre-application phase for a UK banking licence with the aim of finalising our application in the very near future.”

With the close of the round, the company has secured a total of £13.25m in total equity funding.

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