Loot: Enters administration after a sale

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Loot: Enters administration after a sale

Loot: Digital banking start-up, entered administration after a sale to investor Royal Bank of Scotland (RBS) collapsed

  • Loot founded in 2014 to provide a digital current account for students
  • RBS owned a 25% stake in Loot through NatWest’s developing digital bank Bo
  • It had already invested £5 million before the potential sale fell through
  • According to the City AM report, the fintech hope to raise money from its 175,000 customers via a crowdfunding campaign
  • Loot – not to confuse with online marketplace loot
  • It operated under an electronic money license through a partnership with Wirecard, which regulated through FCA