B-Social has secured £7.8m funding to build its ‘social bank’.
The London FinTech has also revealed that it will rebrand to ‘Kroo’ as it looks to apply for its full banking licence in the second quarter of 2020.
Launched a year ago by Nazim Valimahomed and Tim Brown, the social finance app and accompanying debit Mastercard allows users to control spending, track expenditure and create groups between friends to settle bills.
Investors in the new round, which takes the total raised to £13.25m, include Rudy Karsan from Karlani Capital.
It has over 8,500 customers who have spent more than £1m with their B-Social cards and have shared over 36,000 expenses with friends.