B-Social, a London-based fintech on a mission to build a ‘social bank’, has raised seed funding of £7.8 million. The latest round, funded by angel investors, comes as the startup continues its push to become a fully-licensed bank.
Founded in 2016, B-Social describes itself as a social payments app “where friends and money meet.” The platform comes with an accompanying debit Mastercard allowing users to control spending, track expenditure and create groups between friends to settle bills.
The company also revealed it will rebrand its app to ‘Kroo’. In a blog post announcing the fundraise, CEO Nazim Valimahomed sais B-Social is at the last stage of the pre-application phase for a UK banking licence.
“Today, over 9,000 users have signed up to B-Social.
“Over the next few weeks, we will roll out the ability to fund your account via bank transfer and launch under an exciting new brand that fully embodies who we are — intuitive, talented, empowering, social and collaborative.”
B-Social boasts more than 9,000 users who have spent more than £1 million with their B-Social cards and have shared over 36,000 expenses with friends.