The investment round was led by Power Corporation’s corporate VC, Portag3 Ventures, and Speedinvest.
Loot has now raised a total of GBP 6 million. 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.
Similarly to other digital banking apps, Loot aims to give the customer more control over his/her financial life. The app offers spending categorization, instant payment notifications and savings goals. It targets tech-savvy Millennials and uses the e-banking services and licence of Wirecard Card Solutions for its card offering.
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