Version 1 of the app has been live for about a year, with 5,000 users, and considerably less functionality. The new iteration gives customers a high level of visibility and control over their money and spending, offering them a better understanding of how much they have available to spend, claims the company.
Loot is at once a deposit taking institution and a personal finance management app, encompassing two segments of the fintech sector. More than that, the app has plans to go a step further by empowering users to be proactive in making savings.
Loot categorises spending such that customers can track where they’re overspending. The app also allows users to track their spending while abroad, irrespective of the currency being used.
Loot customers have their own unique account number and sort code and receive a contactless “MasterCard” debit card, which is synced up with the app. The firm’s underlying e-banking services and licences are provided by UK issuer Wirecard Card Solutions Limited. Loot is an appointed representative of Wirecard. Loot has opted not to pursue a banking licence. Instead, the app uses an e-money licence.
After initially securing seed funding from a number of angel investors, Loot has now attracted USD 5.3 million in venture capital from such backers as Global Founders Capital and Speedinvest. The company closed a USD 3.13 million round in early November.
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