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A financial services start-up with only 23,000 users of its pre-paid debit cards has won a full banking licence in the UK and plans to launch a current account immediately.
The London-based Kroo, formerly B-Social, is one of the few digital-only consumer banks to have passed muster with the Bank of England, joining Monzo, Starling Bank and Atom Bank in being allowed to take deposits.
Much larger digital financial groups including Klarna, Revolut and Wise have yet to win a full UK banking licence.
Andrea De Gottardo, 36, Kroo’s chief executive, who previously worked in risk management at NatWest, said a current account would be launched quickly, with unsecured loans, mortgages and savings accounts to follow.
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