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Friday, June 21, 2019

News > Fintech

Bó invests £2m in digital current account Loot

Theo Osborn | 13:00 Tuesday 8th January 2019

Bó has made a £2m investment into digital current account Loot, taking its total shareholding to around 25%.

The digital-only retail bank – which is currently being developed by NatWest – had previously backed Loot with a £3m investment in July 2018.

Launched in 2014, Loot now has more than 175,000 sign-ups and helps students and young people to better manage their finances.

It has received investment from SpeedInvest, Global Founders Capital and Portage.

NatWest is currently investing in a number of digital platforms and solutions as it transitions from physical to digital banking.

This includes the launch of Mettle in November 2018 and the online corporate lender ESME.

Bó is now in private beta testing and plans to launch this year.

Mark Bailie, CEO at Bó, said: “Loot is a really exciting brand and one that we’re proud to be associated with. 

“Through its innovative use of technology and intention to change the status quo, it’s quickly built a following of loyal customers, with potential for rapid future growth.”

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