UK-based digital bank Kroo surpasses £1m crowdfunding goal

UK-based digital bank Kroo surpasses £1m crowdfunding goal

Kroo, a fully licenced UK bank known for its digital banking services, surpassed its crowdfunding target, amassing over £1 million in investments.

This achievement comes from the support of more than 1,400 investors, with an average of £1,329 invested each minute.

The funds were raised in a swift and impressive manner, with Kroo reaching its £1m goal in just a few hours. This reflects the bank’s growing popularity and the strong confidence investors have in its vision and business model. The round was managed by Crowdcube and saw participation from people across 60 countries.

Kroo operates with a clear mission: to transform the banking experience for its customers. Since launching its current account, the bank has paid a significant £15.6m in interest to its customers. Its approach to banking, emphasising transparency and fairness, has resonated well with the public, especially those seeking a more rewarding banking experience.

The purpose of this new funding is clear and ambitious. Kroo intends to use the investment to continue its mission of changing banking for good. By placing power and financial benefits directly into the hands of customers, Kroo is creating a new, customer-focused banking model.

In addition to its crowdfunding success, Kroo has also raised significant funds from private investors, totalling £72M to date. This includes £14.5M from its current B+ round. These investments underscore the strong market confidence in Kroo’s business model and growth potential.

Kroo CEO Andrea De Gottardo expressed his enthusiasm, “We’re thrilled to have reached and exceeded our crowdfunding target. It’s amazing to see so much support for the journey we’re on. The success so far shows us there is a real appetite from our community to change banking for good.” He further emphasized Kroo’s commitment to a transparent and fair banking model, which is a departure from traditional banking practices.

Nazim Valimahomed, Co-Founder and Chief Product and Design Officer at Kroo, also shared his vision, “I founded Kroo with a simple goal to be the first bank customers trust and love. Our customer-obsessed approach is a stark contrast specifically to the high street, who are paying as little as they can in interest whilst delivering record-breaking profits themselves.”

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