UK neobank Kroo gains full banking licence

London-based neobank Kroo has secured a full banking licence from the Bank of England.

Kroo secures full UK banking licence

With the new licence now in hand, Kroo can offer depositors protection through the Financial Services Compensation Scheme (FSCS) for up to £85,000.

Founded in 2016, Kroo offers its 23,000 customers a current account with overdraft facilities along with socially conscious initiatives that help in “creating change in communities, tackling environmental issues and simplifying banking”.

The news comes hot on the heels of the company securing £26 million in a Series B funding round earlier this month. The neobank has so far raised over £56 million in funding since launch.

Andrea De Gottardo, CEO of Kroo, says the licence represents a new milestone “in our mission to create a bank that truly connects people financially and champions values our customers can identify with”.

“In the coming months, we will offer our existing customers the opportunity to migrate to Kroo’s new personal current account, for free,” he adds.