Skip to main content

B-Social, the UK fintech building a ‘social bank’, raises additional £7.8M ahead of 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 capital comes from “high-net-worth” individuals. They include Rudy Karsan from Karlani Capital, although most of the investors remain undisclosed.

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 and 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.

“We recognise that almost all financial transactions are inherently social,” B-Social co-founder and CEO Nazim Valimahomed told me in late 2018. “We want to change the relationship people have with money by helping them overcome the anxiety, awkwardness and wasted time when they engage with their social finances. We are doing that by building a digital bank that truly accommodates the way people live their lives and is dedicated to connecting a person’s finances to their social world”.

To date, B-Social says it has over 8,500 customers who have spent more than £1 million with their B-Social cards and have shared over 36,000 expenses with friends.

Valimahomed tells me the company has also “significantly progressed” the pre-application stage for acquiring a U.K. banking licence. This includes things like submitting a regulatory business plan, capital and liquidity assessments approval, and challenge sessions completed. He expects to submit the full banking application in Q2 2020.



from Startups – TechCrunch https://ift.tt/2vfJHbW

Comments

Popular posts from this blog

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...

TikTok’s rivals in India struggle to cash in on its ban

For years, India has served as the largest open battleground for Silicon Valley and Chinese firms searching for their next billion users. With more than 400 million WhatsApp users , India is already the largest market for the Facebook-owned service. The social juggernaut’s big blue app also reaches more than 300 million users in the country. Google is estimated to reach just as many users in India, with YouTube closely rivaling WhatsApp for the most popular smartphone app in the country. Several major giants from China, like Alibaba and Tencent (which a decade ago shut doors for most foreign firms), also count India as their largest overseas market. At its peak, Alibaba’s UC Web gave Google’s Chrome a run for its money. And then there is TikTok, which also identified India as its biggest market outside of China . Though the aggressive arrival of foreign firms in India helped accelerate the growth of the local ecosystem, their capital and expertise also created a level of competit...