B-Social raises £7.8m and announces rebrand as it looks to build a "social bank"
B-Social, the London-based fintech building what it calls a "social bank", has raised a further £7.8million in seed funding and announced a rebrand.
Investors in this round include Rudy Karsan from Karlani Capital and brings the total raised by B-Social to £13.25m.
Launched in February 2019, B-Social offers a social finance app and debit Mastercard, and lets users control spending, track expenditure and create groups between friends to settle bills.
It was co-founded by Nazim Valimahomed and Tim Brown, who both have advertising agency backgrounds and worked together at Publicis.
Writing about the startup last year, Brown said: "From a concept that started out on a scrappy piece of paper in a cafe, to a proposition well on the way to being a reality. When we pull this off, money will be easier, stress free, less awkward and with any luck we can all be better friends, partners, siblings, parents and colleagues."
B-Social is continuing on its journey to becoming a fully licensed bank. From next month, it will also rebrand to “Kroo”.