Kroo, a digital bank, has closed its crowdfunding round today, amassing a staggering £2,009,559.12. This figure more than doubles its initial target of £1m, demonstrating a strong public demand for better banking solutions.
Attracting 2,702 investors from over 45 countries, Kroo’s funding round saw an average investment of over £740. This widespread participation underscores the digital bank’s appeal and its potential to redefine the banking industry. Andrea De Gottardo, CEO of Kroo, highlighted the round’s success as a testament to the public’s appetite for a banking model that prioritises customer interests over traditional profit extraction methods.
Kroo’s mission is to transform banking for the better, offering a customer-centric approach. In less than a year since launching its current account, the bank has opened 145K accounts and accumulated £800m in deposits. It’s on a fast track to delivering profits quicker than any other UK bank with a current account. This fresh influx of investment from the crowdfunding round is poised to bolster Kroo’s community of forward-thinking individuals, further aligning with consumer values and a strong market presence.
Notably, Kroo has been instrumental in offering high interest rates to its customers, contributing over £15.6m back into their accounts.
Nazim Valimahomed, Co-Founder and Chief Product and Design Officer at Kroo, also shared his thoughts, “The current banking system is simply broken. We know it, and so does our community. Beyond our strong market offering in the face of rising interest rates, our socially conscious values and approach of doing things differently has resonated with those seeking an alternative to the old systems of banking. We are excited to be joined at the table by so many supporters and likeminded trailblazers and are now even more empowered to disrupt the industry further and become an even bigger voice in the sector as we call for change.”
“Kroo is rated excellent on Trustpilot and has quickly earned a reputation as a bank with customer service and products that have people’s backs. In February, Martin Lewis labelled it as ‘the best, open to all, easy access savings with unlimited withdrawals we’ve seen since 2012’ on his primetime money show
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