8.6 C
New York
Thursday, May 23, 2024
Home Fintechs B-Social raises an additional £7.8M ahead of its rebrand

B-Social raises an additional £7.8M ahead of its rebrand

B-Social, the London-based fintech building what it calls a “social bank,” is announcing that it has raised a further £7.8 million in seed funding.

Once again the injection of the capital comes from “high-net-worth” individuals. They include Rudy Karsan from Karlani Capital, although most of the investors remain undisclosed.

Related:Credit-building “Self” Raises $20M in Series C Funding!

It brings the total capital raised by B-Social  to £13.25 million, as the company continues the journey to becoming a fully licensed bank. It also plans to re-brand next month to the new name “Kroo.”

Launched in February last year, B-Social currently exists as a “social finance” app, with accompanying debit Mastercard. It enables users to make purchases, share and keep track of expenses with friends and family, and negate the headache of “who owes who.” More broadly, B-Social says it is on a mission to improve the relationship people have with money.

B-Social says it has signed up 9000 users since launch.

The new cash will be used to double the team in its London HQ, with plans to hire developers, product managers and designers.

Nazim Valimahomed, B-Social CEO

CEO Nazim Valimahomed says the firm will introduce a new feature in the coming weeks for users to fund their cards via bank transfers and embark on a rebranding exercise under the new monicker Kroo.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.