Banking App Loot Raises $2.5M in Funding

By FinSMEs

lootLoot, a London, UK-based provider of a banking app for millenials, raised $2.5m in funding.

Backers include SpeedInvest and Global Founders Capital.

The company is using the funds to expand in Europe.

Led by CEO and founder Ollie Purdue, Loot has created a banking app for millenials to monitor what they can do, when and how much it will cost. People can set up an account in minutes through a photo, an ID/Passport and a UK address. Once the details are approved, a prepaid Loot MasterCardĀ® is packaged and sent off to customers with a sort code and an account number.
The Loot MasterCardĀ® and account is provided by Wirecard Card Solutions Ltd, authorized and regulated by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011.

First appeared at FinSMEs