RBS invests £2m in technology start-up
Royal Bank of Scotland has acquired a 25 per cent stake in a millennial-focused technology start-up as it rallies against new digital challenger banks which are vying to take millions of customers away.
The state-owned lender has invested £2m in Loot, following an initial investment of £3m in July 2018. Loot, launched in 2014, is aimed at helping young people and students manage their finances by providing customers with a pre-paid debit card and insights into their spending habits. The app currently has more than 175,000 customers. Other investors in
Loot include Speedinvest, Global Founders Capital and Portage.