Kroo bank keeps swathe of angry customers waiting to open accounts

Digital bank Kroo keeps swathe of angry customers waiting for weeks to open accounts as it struggles to cope with surge in demand

  • Kroo launched its flagship current account in December 
  • The app-only bank is currently offering 3.03% in-credit interest
  • Customers are complaining of long wait times and lack of response 

New digital bank Kroo, has kept a swathe of angry customers waiting weeks for their current account applications to be approved. 

The app-only bank, which launched its flagship current account in December last year has come under fire from disgruntled customers on social media.

Many claim to have been kept waiting weeks for their bank account application to be approved, while others complain of being ignored for days over the bank’s web chat customer support system.

Britons trying to set up a bank account with the new banking startup, Kroo, say they are being kept waiting as it struggles to cope with surging demand

One customer wrote on Twitter: ‘@KrooBank coming up to a month of applying and still no response. Chat box is next to useless.’

Another repeated Kroo’s promise to offer ‘online banking at your fingertips’ before saying: ‘two weeks later and numerous one-way comms and still nothing…’

A third person tweeted: ‘@KrooBank what this bank all about? Applied 2 weeks ago, got a copy of my passport and my proof of address and then all goes quiet. No answers to webchat or emails. Who is running this bank?’

Although founded back in 2016, Kroo secured its full UK banking licence last year and launched its flagship bank account.

It describes itself as a ‘socially conscious digital bank’ and says it is on a mission to change the banking industry for the better.

Kroo is promising to plant two trees for every account opened with the aim of planting one million trees by the end of 2023.

Following its launch in December last year, its chief executive, Andrea De Gottardo, said it ‘genuinely [has its] customers’ backs’ and wants to ‘change banking for the better’.

The bank is currently offering some tantalising perks. Not least, its 3.03 per cent in-credit interest up to £85,000 and fee-free spending when using its card overseas.

It is these perks that have attracted a surge of sign-ups and are leading to the backlog.

Angela Wakelin, chief operating officer at Kroo said: ‘After announcing our current account interest rate increase to 3.03 per cent, we have seen huge demand for our current account.

‘Whilst a significant number of these applications are being processed automatically, with most accounts opened in minutes, some applications require further review and therefore take longer.

‘This has created a queue in applications and customer chats which we are working through as quickly as possible.’

Ethical bank: Kroo's chief executive, Andrea De Gottardo says the bank 'champions values its customers can identify with'

Ethical bank: Kroo’s chief executive, Andrea De Gottardo says the bank ‘champions values its customers can identify with’

The bank says that only about 25 per cent of total applications are still under review.

Kroo claims the majority – about 70 per cent – of applications to open its current account are approved automatically and are processed in minutes with cards arriving within two or three days.

It says customers can use their virtual card in the meantime via Apple or Google pay and transfer funds into and out of the account immediately.

A spokesperson for Kroo said: ‘Kroo apologises for the initial delays that some people have experienced and are working hard to rectify this.

‘We have hired additional staff and are working hard to reduce approval times and manage demand.

‘We are making good progress with the queue of applications and expect to be back within business as-usual timescales for new applications, three to five days, by the end of this week.

‘We are also making good progress with our customer chat function and expect to be back within the business-as-usual timescales for “live” chats by next week.’