Kroo, a UK-based neobank, has reportedly raised £26m ($33m) in its Series B funding round.
The company’s CEO Andrea de Gottardo said the funds will support the launch to market of its current account, according to a report from The Block. Funds will also support the development of its platform and scaling of the company.
Kroo is a digital only e-money account with no paperwork or credit checks. Users are also provided with a debit Mastercard, which can be activated and topped up through the app.
The platform can be used in over 75 countries around the world and offers spending insights to help users track their budgets. Other features include easy options to send, request and receive money, split bills and a biodegradable card.
The FinTech company previously raised £17.7m in its Series A funding round, which was led by tech entrepreneur and Karlani Capital founder Rudy Karsan.
Last week, new UK-based green neobank Tred reached the £600,000 target for its crowdfunding campaign. The company’s first product is a green debit card that lets users track, reduce and offset their carbon footprint and plant trees as they spend.
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