London-headquartered Kroo is preparing to raise up to £70 million in a Series C funding round as it seeks to enhance and develop the transparency of its product offering and loan book, and grow its customer base.
In brief:
-The digital lender has confirmed that is it targeting family offices, institutional investors, venture capitalists and private equity in the UK, US and Europe in a bid to raise between £55m and £70m and achieve profitability
-The challenger also emphasises its take on transparency in banking. According to its latest research, only 22% of participants would describe their bank as transparent, with seven in ten doubting whether their bank has their best interest at heart.
-Kroo has confirmed that it is to offer its customers a ‘tracker’ rate set at 0.9% below the Bank of England’s base rate
What does this mean?
“Our growth in the last nine months shows there is an appetite for better banking,” comments Andrea De Gottardo, the bank’s CEO. “We have ambitions to show it’s possible to create a successful bank that rewards loyalty and shares its success with customers,” he continues.
