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.
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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.
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.