Digital Banking Startup Loot Raises £2.2 Million in Funding to Target Students and Millennials
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Digital Banking Startup Loot Raises £2.2 Million in Funding to Target Students and Millennials

Digital Banking Startup Loot Raises 2.2 Million in Funding to Target Students and Millennials

London-based digital banking startup Loot has raised £2.2 million in seed funding, bringing its total funding to £6 million. The round was led by Power Corporation’s corporate VC, Portag3, and Speedinvest.

Loot was founded in 2014 by 24-year-old Ollie Purdue during his final days at university, after struggling with money management apps and old-fashioned banking interfaces. The concept targets millennials who live through their smartphones. Loot offers a mobile banking app which is connected to a prepaid contactless MasterCard debit card. Every user has his own unique Loot account number and sort code. In December 2016, the company launched their full account, which is designed to reinstate your bank with all the tools built-in to help manage money. Their underlying e-banking services and licenses are provided by Germany’s Wirecard.

“We​ ​want​ ​our​ ​users​ ​to​ ​know​ ​more​ ​about​ ​their​ ​spending, ​ ​so​ ​they​ ​can​ ​do​ ​more​ ​with​ ​their money,” Purdue said. “​This​ ​means​ ​letting​ ​them​ ​know​ ​how​ ​much​ ​they​ ​can​ ​spend​ ​freely​, ​so​ ​that they​ ​can​ ​save​ ​and​ ​pay​ ​their​ ​bills. Loot’s​ ​goal​ ​is​ ​to​ ​work​ ​out​ ​the​ ​best​ ​way​ ​to​ ​manage​ ​our​ ​users​ ​money, ​​so​ ​users​ ​can​ ​focus​ ​on what​ ​they’re​ ​really​ ​interested​ ​in. Right​ ​now​ ​we​ ​can​ ​replace​ ​a​ ​traditional​ ​bank​ ​account​ ​and​ ​help​ ​our​ ​users​ ​manage​ ​their money​ ​and​ ​track​ ​their​ ​spending​ ​through​ ​our​ ​app.”

In a little more than a year, Loot has gained a customer base of 50,000 customers who can access the account through iOS, Android, and the Web.

According to Purdue, the new funding will be used to implement a mid-term plan to make Loot fully automatic and introduce new social features into their platform while dealing with the emerging competition, “I guess there are two types of competition for us at Loot. The banks and the money management apps,” he said.

Steph Choo, Managing Partner at Power, said of Loot: “We’re really excited to be supporting Loot as they continue to develop both their brand and new features. Loot has already had a huge impact on their target market, which consists predominantly of students and young professionals – we’re looking forward to Loot’s expansion over the next year and beyond.”

Tanuja Thombre
Tanuja Thombre
A Soft Skills and Behavior Trainer by passion and profession, with 8 years of experience into Mortgage Banking sector. Currently I am working as a Training Consultant and I cater to the training needs across various industries. This also allows me to interact with, train and learn various aspects of human modes. Adorned with certifications from various institutes like Dale Carnegie & Steven Covey. I have a natural instinct for writing; every once a while, a Blog, a short article and in the future I plan to author a Book. When it comes to writing, I believe there is seldom anything as appealing as Simplicity.

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