RBS: buys 25% stake in Loot

RBS: buys 25% stake in Loot

RBS: buys 25% stake in Loot by its digital-only retail bank Bó

  • Bó has invested £2 million in the digital current account Loot following an initial investment of £3 million in July 2018 by Bó
  • Bó is being developed by NatWest – part of RBS
  • Loot launched in 2014 to help students and young people manage their finances and says it now has more than 175,000 sign-ups
  • Mark Bailie, CEO of Bó, says: “Through [Loot’s] innovative use of technology and intention to change the status quo, it’s quickly built a following of loyal customers, with potential for rapid future growth”
  • Bó is currently in private beta testing, with a view to launch in 2019