8 years ago

Loot Raises £2.2 Million to Expand Digital Banking Services for Millennials

  • Loot, a UK-based digital banking startup targeting students and millennials, has raised £2.2 million in Series A funding led by Portag3 Ventures, the corporate VC arm of Power Corporation, and Speedinvest

  • The funding brings Loot's total funding to £6 million

  • Loot offers a digital-only current account with a Mastercard and mobile app, focusing on spending insights and real-time budgeting

  • The company operates under an electronic money licence through a partnership with FCA regulated Wirecard

  • The company plans to use the funding to expand its product offerings, including lending, wealth management, and FX services.

      • ProblemFinancial Services

      "Millennials and students struggle with managing their money and traditional banks are slow to innovate and adapt to their needs. They also struggle with getting a bank account when they arrive in the UK."

      Solution

      "Loot offers a digital-only current account specifically designed for students and millennials with a focus on spending insights and real-time budgeting. It includes features like live-budgeting, free FX abroad, and goals to help users save money."

      Covered on