Kroo is a London-based fintech start-up that is revolutionizing the way people access financial services. The company has recently raised $24.8m in a Series A funding round, which was led by tech investor QED Investors. This investment is a clear sign of the confidence that investors have in Kroo’s innovative business model.
In this article, we will explore what Kroo is, what makes its business model unique, and what the recent funding round means for the company’s future.
Kroo was founded in 2018 by Tom Freeman and Simon Miller, who previously worked at HSBC and Starling Bank, respectively. The idea behind Kroo is to create a financial services platform that is tailored to the needs of millennials and Gen Z. The company’s mission is to make banking and financial services more accessible, more affordable, and more intuitive.
Kroo’s flagship product is a free mobile banking app that allows users to manage their money, track their spending, and save for their financial goals. The app is designed to be simple and intuitive, with a user-friendly interface that makes it easy for people to navigate. Users can link their bank accounts and credit cards to the app, which allows them to see all of their financial information in one place.
One of the key features of the Kroo app is its social aspect. Users can connect with friends and family on the app, which allows them to split bills, request money, and send gifts. This makes it easier for people to manage their finances when they are part of a social group, such as a flatshare or a family.
Kroo also offers a range of other financial products and services, such as travel insurance, mobile phone insurance, and cashback rewards. These products are designed to be affordable and accessible, which makes them ideal for people who are just starting out in their careers or who are on a tight budget.
So what makes Kroo’s business model unique? One of the key things is its focus on the younger generation. Many traditional banks and financial institutions have struggled to connect with millennials and Gen Z, who are used to a more digital and mobile-first approach to banking. By creating a platform that is tailored to the needs of this demographic, Kroo is able to capture a large and growing market.
Another thing that sets Kroo apart is its social aspect. By creating a platform that allows people to connect with friends and family, Kroo is tapping into a growing trend towards social banking. This is particularly important for younger people, who are used to using social media and other digital platforms to connect with others.
The recent Series A funding round is a major milestone for Kroo. The $24.8m investment will allow the company to expand its product range and invest in its technology infrastructure. It will also allow Kroo to hire more staff, which will help the company to scale its operations.
The funding round was led by QED Investors, which is a well-respected tech investment firm that has previously invested in companies such as Credit Karma and SoFi. Other investors in the round included Augmentum Fintech, Force Over Mass Capital, and Pollen Street Capital.
So what does the future hold for Kroo? With its innovative business model and strong investor backing, the company is well positioned to become a major player in the fintech industry. The company’s focus on the younger generation and its social aspect are likely to be key factors in its success.
One of the challenges that Kroo may face is competition from other fintech start-ups. There are already a number of companies in the market that are focused on the younger generation, such as Monzo, Starling Bank, and Revolut. However, Kroo’s unique approach and its social aspect may be enough to set it apart from
