RBS in­vests £2m in tech­nol­ogy start-up

Yorkshire Post - Business - - BUSINESS / NEWS -

Stake:

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.

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