Kroo: Where Your Money Works Harder for You.

When Kroo was granted its banking license in June 2022, it was backed by a clear mission: to be a bank that is trusted and loved by our customers. We believed that banking needed to change, and in a big way. Our goal was to reshape the perception of banks by committing to practices that prioritised transparency, fairness, and our customers.

In December 2022, our mission began to take shape: first, with the release of our personal current account (PCA), accompanied soon after by an overdraft, then loans. In the near future, we will be adding to that offering with the launch of an attractive cash ISA. In surpassing £1 billion in customer deposits, and with that, paying back to them over £55.2 million in interest as of November 1, 2024, today, we celebrate another step towards becoming a bank that customers can truly trust and love.

These achievements represent the confidence our customers have placed in us and our desire to reward that belief by improving their financial position. It’s this orientation towards our customers — ensuring they are at the heart of every decision — that inspires us to challenge the status quo and do things differently.

Why Banking Needed to Change.

Over the last couple decades, mishaps within the banking industry, such as the 2008 financial crisis and the Payment Protection Insurance (PPI) scandal resulted, for many, in financial loss and frustration.

Fast-forward to today, and many households are grappling with a cost-of-living crisis while some banks report record profits. Customers deserve better. They deserve a bank that not only safeguards their money but also helps it grow.

That’s where Kroo comes in.

Enter Kroo: A New Kind of Bank.

When our founders, Nazim Valimahomed and Tim Brown first envisioned Kroo back in 2016, their idea was radical: a bank that actually helps people? No sneaky fees, no gimmicks — just straightforward products that put customers first:

• A PCA that earns a savings rate: The money customers use for everyday expenses grows at the same rate as their savings, 3.65% AER, putting more money back in their pockets.

• Loans built to support, not stress: With a representative APR of 12.5% for loans up to £10,000, Kroo personal loans provide customers access to cash when they need it most.

• And, coming soon, Flexible Cash ISAs: With the Kroo Flexible Cash ISA, launching early 2025, we’re bringing customers yet another simple way to save, at a rate we think they’ll love.

These products represent the first steps we've taken towards becoming the bank Nazim and Tim originally conceived: one that is trusted and loved for its transparency, fairness, and desire to serve its customers.

Trusted and Loved.

Since the launch of our PCA 2 years ago, we’ve opened over 200,000 accounts whilst reaching over £1 billion in deposits, and with the help of our tracker rate, currently set at 1.1% below the base rate, we’ve been able to pay back over £55.2 million in interest to customers.

What Do These Milestones Mean?

• For our customers: It means products and services that are built to reduce friction, have their back, and make them richer.

• For Kroo: It’s a tangible representation of our customer’s trust in our practices and in our ability to deliver products and services that they love.

• For the future: It shows what’s possible when a bank chooses to prioritise long-term customer relationships over short-term profit.

A Big Thank You.

While we’re incredibly proud of these milestones, we see them as just the beginning. Our mission to transform banking is ongoing, and we’re excited to bring more innovative products and services to our customers soon. Whether it’s improving savings options or expanding financial tools, we’re just getting started.

So, to every customer who has joined us on this journey, thank you.

Not a Customer Yet?

Discover how Kroo can help make your money work harder. Open a personal current account today and start earning 3.65% AER / 3.59% Gross (variable) on your everyday balances.

Open your account now.