The startup offers a mobile digital banking platform that provides customers with free deposit accounts, NFC-enabled debit cards, and real-time transaction notifications. It addresses the need for cost-effective banking solutions by enabling competitive interest rates on savings and promoting sustainability through carbon offsetting and tree planting initiatives.
Funding
$100.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional banking solutions often come with monthly fees, hidden charges, and unfavorable exchange rates, especially when spending abroad. Many individuals also struggle to effectively manage their savings and spending habits due to a lack of intuitive tools.
Solution
Kroo provides a mobile-first digital banking platform designed to offer a transparent and cost-effective alternative to traditional banks. The platform provides a current account with a competitive interest rate, paid monthly, on account balances. Kroo also offers zero fees on spending abroad, enabling users to spend freely wherever Visa is accepted. The platform includes "Pots," a feature that allows users to separate their savings from their day-to-day spending, all while earning interest. Kroo aims to empower users to make better financial decisions by providing intuitive spending insights and tools for managing their money.
Target Audience
Kroo targets individuals seeking a modern, transparent, and user-friendly banking experience, particularly those who travel frequently or want to optimize their savings and spending habits.
Features
- Current account with 3.15% AER (variable) interest, calculated daily and paid monthly
- Fee-free spending abroad with Visa's real exchange rate
- "Pots" feature for segregating savings and achieving financial goals
- Real-time spending insights with transaction categorization
- Overdraft facility with a single rate of 39.9% EAR/APR representative (variable), subject to eligibility
- Personal loans available to current account holders, with a representative APR of 14.9% on loans up to £10,000
- Integration with Apple Pay for secure and convenient payments
- Ability to freeze and unfreeze the debit card via the app
- FSCS deposit protection up to £85,000 per customer