Loot Enters Administration
Loot, the London-based student-focused banking and money management app, has called in administrators after it was unable to secure funding following the collapse of a potential sale to the Royal Bank of Scotland (RBS), according to City A.M.
In January this year, RBS acquired a 25% stake in Loot via a £2M investment by Bo, the banks’ digital-only initiative. In total, Loot has raised £8.2m from a list of investors that include Portag3 Ventures, Speedinvest, Global Founders Capital, Student Upstarts, and GoBeyond.
Founded in 2014, Loot offers a digital current account and contactless MasterCard aimed at students and young consumers, with features such as saving for long-term goals and insights into spending habits with daily and weekly budgets. The startup has attracted around 250,000 users.