Kroo and ClearBank to Grow Partnership

Real-time clearing and banking service provider ClearBank on Thursday (July 14) announced that it has been selected by Kroo to provide access to all U.K. payment schemes as well as accounts for its operational funds.

Founded in 2016, Kroo began as a digital-only prepaid card, before being awarded a banking license last month.

With the license, Kroo has graduated to become a fully-fledged neobank and will be launching its personal current account in the coming months, as Andrea De Gottardo, CEO at Kroo discussed with PYMNTS last month.

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ClearBank has worked with Kroo from the beginning, providing technical and regulatory support, according to a press release. Specifically, ClearBank provided operational accounts, access to U.K. payment schemes and the integrations that allowed Kroo to build its banking tech stack.

“At Kroo we are on a mission to build an exceptional digital bank and in order to do that, we are relentlessly looking for like-minded partners with great technology,” De Gottardo said in the announcement. “ClearBank was an obvious choice for us, they have been a great partner on our journey so far and we are excited to continue working closely with them as we approach our public launch.”

ClearBank CEO Charles McManus said, “It’s been fantastic to support Kroo on its journey to offering full bank accounts. We’ve had the pleasure of working with the team since 2019, and we’re delighted to continue supporting Kroo as it makes this leap into a new, exciting offering.”

He added, “We understand the importance of regulation and a full banking license when it comes to garnering trust from consumers and scaling, and we’re proud to be helping innovative, regulated and compliant Electronic Money distributors such as Kroo, evolve into fully fledged banks.”

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