Newly authorised mobile-only bank Kroo has chosen ClearBank to provide access to UK payment schemes and accounts for its operational funds.
Last month the digital bank was granted a full banking licence by the Bank of England.
“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 Andrea De Gottardo, chief executive, Kroo. “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.”
Kroo launched its prepaid offering in February 2019 and has built a customer base of 23,000 since then.
The bank can now offer overdrafts, loans, savings products, and depositors protection via the Financial Services Compensation Scheme up to £85,000.
“It’s been fantastic to support Kroo on its journey to offering full bank accounts,” said Charles McManus, chief executive, ClearBank. We’ve had the pleasure of working with the team since 2019, and we’re delighted to continue supporting Kroo as it makes this leap into a new, exciting offering.”
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