This type of thing comes out of my “gambling” fund not my investment fund - so I stuck in £500.
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Runway is extremely low.
As I understand it, they’re raising a Series B+ round as all Series B funds are either spent or tied up in regulatory capital requirements.
£14.6m Series B+ funding received AND spent as at 30 Sept 23.
At the same date, their reg capital requirement was £8,167,000.
Latest revenue turnover is £166,205 resulting in loss of circa £15m.
So they give all their revenue to customers through high interest and lose over £1m per month.
They intend to raise £30m for this Series B+ round so £15.4m to go just to see them through next yr.
Then they pre-announced a Series C round earlier in the year to raise north of £50m.
It’s a tall order - who’s going to back Kroo in this environment? U.K. fintech institutional investor market particularly at Series C is a well publicised gap. Gone are the days where VCs will bankroll a fintech ad-infinitum. Even well established U.K. fintechs struggle to raise any notable pure equity money recently.
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I have a Kroo account that I signed up for recently for a very specific use case of mine. The bank has been around years and has almost no features. This ain’t taking off.
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Good to see they are starting to add improvements to the app todays update lets you tell them if the merchant logo is in the wrong location or logo the last 1 added map location the 1 i want them to add is change spending categories as sometimes they go into eating out rather then drinks 
It was prepaid card until lately, moving to bank status.
Agree though, snail pace.
Maybe with the income there’s much more to come.
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Think they’ll need to start shipping features thick and fast or they won’t be able to compete. Which would be a shame because the sector needs competition.
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I’d imagine acquisition would be the only real route ahead, but then again who would even need to do that for the licence. Revolut maybe but I’m sure that would get blocked in some way.
I never really got Kroo, it started out as a social payment app, and when that never worked out they pivoted and became a bank.
They’de have been better carving out a route in a niche market such as charities, small businesses etc for things such as U18s football clubs. That is still a crowded market however.
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and it’s not as simple as buying Kroo to get the license from what I understand
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Am I right in saying there isn’t an investor card lol?
Not had the payment taken yet but I would assume not 
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I’m sure it isn’t, can’t really see why you would invest into it from a VC perspective given nothing it does is fundamentally different to any other option out there.
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Looking at it the other way, without investment monzo wouldn’t really be where it is, so it’s a shot in the dark.
Could be the next best thing, could also just fall flat.
Don’t think the name is anything special.
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I wouldn’t really say they were comparable. For a start Monzo entered at a time when there was little competition but a lot of appetite. So the risk reward ratio was likely lower.
Absolutely they wouldn’t be where they were without the investment but Kroo are in a very different market condition.
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Should I invest 
!
In fairness, the app is looking rather clean and tidy compared to before so definitely some improvements.
Just wonder whether their flagging of incoming payments etc has improved any yet!
Ooh next weekend is my Krooniversary 
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Very much so haha!!!
Next week is also my year anniversary of opening the account!
Wouldn’t entertain it yet.
How’s revolut going?
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All going well with Revolut apart from the account lock out on the day the clocks changed but it was a widespread issue that they managed to resolve pretty quickly 
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If the fifth highest gets a rating of 2/5, what does it say for the rest?
Or does it just say never read sponsored posts on Facebook?
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