RBS Invests in Loot
Royal Bank of Scotland has acquired a 25% stake in Loot, the student-focused banking and money management app. The £2M investment was made on behalf of Bo, the banks’ digital-only initiative which is expected to launch later this year.
Founded in 2014 with £8.2M in funding, UK-based 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.
“Loot is a really exciting brand and one that we’re excited to be associated with. Through its innovative use of technology and intention to change the status quo its built a following of loyal customers, with potential for rapid future growth.” – CEO of Bo, Mark Baile.