ClearBank is helping to transform newly-licenced Kroo into a full neobank

By Oliver Smith on Thursday 14 July 2022

Digital Banking

From not-a-bank to neobank.

ClearBank is helping to transform newly-licenced Kroo into a full neobank
Image source: Andrea De Gottardo/Kroo.

Neobank Kroo has chosen to partner with ClearBank as its technology provider, both for access to the UK payment schemes as well as to provide accounts for its customer funds.

ClearBank and Kroo have been working closely together throughout Kroo’s banking licence application, with ClearBank providing technical and regulatory support.

Now that Kroo is fully-licenced it has decided to continue its working relationship with ClearBank.

“At Kroo we are on a mission to build an exceptional digital bank and in order to do that, we are relentlessly looking for like-minded partners with great technology,” said Kroo CEO Andrea De Gottardo.

ClearBank was an obvious choice for us, they have been a great partner on our journey so far and we are excited to continue working closely with them as we approach our public launch.”

Founded in 2016 and launched in February 2019, Kroo last raised cash only in June 2022 with a £26m round just weeks before the restrictions were lifted on its banking licence by the FCA.

Kroo describes itself as a ‘social bank’, which involves the bank donating 5 per cent of its “sustainable profits” to charity, having a bank card which is degradable in organic compost, and planting over 140,000 trees via its refer-a-friend scheme.

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