Mobile-only UK bank Kroo has launched its flagship current account, offering customers 2% interest on balances up to £85,000.
Kroo’s analysis of Bank of England data reveals that as of September 30, 2022, there was £271 billion sitting idle in UK households’ non-interest-bearing sight deposits.
Targeting Millennials and Gen Z, Kroo pledges to plant two trees for every new customer who opens a current account, partnering with the charity One Tree Planted.
Earlier this year, Kroo received a full UK banking license, becoming only the third bank to do so since 2016. This license allows them to move beyond their initial offering of a prepaid debit card and app.
Andrea De Gottardo, CEO of Kroo, stated, “Building a fully licensed bank from scratch is exceptionally hard. We have created a bank that breaks the standard profit extraction logic of the incumbent players and is focused on genuinely having our customers’ backs.”
Looking ahead, Kroo plans to implement predictive technology to monitor spending in real time, enabling customers to make more informed financial decisions and manage their transactions and upcoming payments.