Jan. 7, 2019
Royal Bank of Scotland, through its digital startup bank Bo, has acquired a 25 percent cumulative stake in student-focused fintech Loot, as it made a 2 million pound [$2.55 million] investment that follows a prior 3 million pound [$3.8 million] investment in July 2018, according to a press release.
Loot, which launched in 2014, is a digital current account and contactless MasterCard aimed at students and young consumers, to allow them to make purchases over their smartphones, save for long-term goals and provide insight into spending habits with daily and weekly budgets, according to the release. The company has about 175,000 customers signed up.
"Loot is a really exciting brand and one that we’re excited to be associated with," said Mark Baile, Bo CEO, in the release. "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."
Other leading investors include SpeedInvest, Global Founders Capital and Portage.
Bo is a digital bank under development through RBS's Natwest brand, with plans to launch later in 2019 after a completing a pilot program, according to the release. Other recent launches through the bank include Mettle, a digital bank for SMEs and ESME, an online corporate lender.
Topics: Mobile Banking, Region: EMEA
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