Mobile-only UK bank Kroo has been granted a full banking licence by the Bank of England.
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.
Kroo said it will offer existing customers the opportunity to move to its new personal current account for free.
“This represents a key milestone in our mission to create a bank that truly connects people financially, enables them to be financially better off and plays its part in making a positive impact on the world,” said Kroo chief executive Andrea De Gottardo. “The bar to be granted a UK banking licence is exceptionally high and I am incredibly proud of the team and our work in achieving this.
“This is one of the elements that will set us apart from most of our competitors in the FinTech industry, alongside our commitment to deliver innovative features and champion values our customers can identify with.”.
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