Digital banking app Loot secures £2.2m fundraise

By Ryan Weeks on Friday 15 December 2017

Digital Banking

Portag3 Ventures and Speedinvest lead Loot’s series A fundraise.

Portag3 Ventures and Speedinvest lead Loot’s series A fundraise.

One of the quieter contenders in the digital banking space has closed a series A fundraise. Loot has raised £2.2m in a round led by Power Corporation’s corporate VC, Portag3 Ventures, and Speedinvest.

Like many banking disruptors, Loot gives its users clear oversight of their finances via spending categorisation, instant payment notifications and savings goals. Specifically aimed at younger users, the app and card offering operates using the e-banking services and licence of Wirecard Card Solutions Limited – seemingly the go-to partner for app-based banks.

Loot has now raised a grand total of £6m. The series A investment will be used to fully automate its offering, support the integration of new social features and to grow the already 40-strong workforce. New products, planned for 2018, are also in the pipeline.

“Right now we can replace a traditional bank account and help our users manage their money and track their spending through our app,” said Ollie Purdue, founder and CEO of Loot. “This investment will help us further expand, bringing new and exciting developments to our product offering and help us reach our goal of growing 12 per cent month on month.”

2017 has been a landmark year for fundraising by neo-banks. Revolut clinched $66m in a series B in July, only to be outdone by Monzo, which raised £71m in November.

You can learn more about Loot by tuning into Millennial Money Matters below. 

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.