Loot Gets a Big $2.2 M Boost — The Millennial Money Mover
Loot, the digital banking platform that already keeps more than 50,000 users juggling finances on their phones, has just sealed an extra £2.2 million, bringing its total seed intake to a tidy £6 million. The money came from Power Corporation’s corporate VC — Power and Speedinvest.
Why Millennials Love Loot
Founded in 2014 by Ollie Purdue—a 24‑year‑old kill‑joy turned financial wizard—Loot was born out of a real pain point: students and young pros couldn’t find an app that didn’t feel like clunking around in an old‑school bank’s cafeteria.
In December 2016, the full‑featured current account went live, promising a one‑stop shop where budgeting meets bank‑grade security.
Word from the Wise
Steph Choo, Managing Partner at Power, said:
“We’re thrilled to back Loot as they push their brand and add fresh features. Their impact on students and young professionals has already been huge. We can’t wait to see them grow over the next year and beyond.”
Ollie Gives His Take
Ollie emphasized the core goal:
- Keep users in control by showing exactly how much they can spend freely (and safely).
- Save and pay bills without the hassle of scrolling through endless menus.
- Replace the traditional bank account with a streamlined app that tracks every penny.
He summed it up, “Our mission is to help you focus on the stuff you really care about, whether it’s a pizza night, a concert ticket, or that overdue gym membership.”
Facing the Big Boys
Loot doesn’t just sit house‑clean; it’s ready to tackle both sides of the financial battlefield:
- Banks: Huge market share but still stuck in the ‘tech‑no‑hipster’ era.
- Money‑management apps: Careful with budgeting but can’t move the money, because they don’t own the accounts.
Ollie pointed out, “If you use a regular app, you’re still tied to a bank. With Loot, we’re merging the best of both worlds: the tech sparkle of an app and the full power of an account.”
Ready for a Money Facelift?
With this fresh capital, Loot will double down on innovation and scalability—and may just become the only. financial home for your wallet, your bank cards, and your budgeting goals.
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