Meet Loot – The Money‑Management Sidekick
Loot is a funky, tech‑first current account that comes with a contactless Loot Mastercard®. Think of it as your personal budgeting buddy, but with a dash of stylish “smart‑phone‑centric” flair.
What’s Loot all about?
Launched in 2014 in London by Ollie Purdue, Loot is born from a frustration with bloated, slow banks and out‑dated apps. Its mission? “Never miss a purchase or a getaway again. Whether you’re saving for a world tour or a fancy brunch, we’ve got your back.”
Who’s the target?
- Millennials & Gen Z who live in their phones.
- Everyone who’s “young at heart.”
- People who want an app that tells them: “Hey, this is how far your salary can go today.”
How does it work?
Loot isn’t a bank – it’s a current account service that uses FCA regulation via Wirecard Card Solutions Ltd. In plain English:
- Your money stays safe; we never loan it out or invest it.
- 100% of your cash is held in a secure, separate bank account.
- You can keep track of all your spending and get hints on where to cut back.
Business model – why Loot beats the high‑street giant
Loot is designed to replace a traditional bank account with killer budgeting tools and a slick UX. No rumors about hidden fees or complicated tiers – just one simple flat rate, and the goal to keep costs low while giving you lending, wealth‑management, and FX services in the next two years.
Revenue Channels
- Transaction fees: a tiny cut from each card swipe.
- Wealth‑management: managing investments.
- Currency exchange: for those party‑going globetrotting friends.
Funding & growth
- Series A: £2.2 million from Power Corporation’s VC arm Portag3 and Speedinvest.
- Investors include Global Founders Capital and Nick Wheeler.
- Planned spend: auto‑functions & social tools.
Team highlights
- Ollie Purdue – Founder & CEO.
- Will White – COO, seasoned Chartered Accountant.
- David Rose – CFO, 30‑year veteran in tech and finance.
- 40+ folks in London, each bringing fresh ideas.
Marketing & user acquisition
- Content hub: finance tips, budgeting hacks, ‘budgets 101’ video series.
- Active social media push – word‑of‑mouth is still king.
- Authentic brand voice that echoes the ‘you-are-younger‑than‑you‑think’ kind of vibe.
- Targeted ads on platforms where mobile‑savvy audiences hang out.
Data protection
Loot was built from scratch, so its tech stack is fortified with the latest security protocols. The company proudly complies with UK data‑protection regulations and safeguards every user’s information.
Roadmap & future outlook
With the new money, Loot aims to grow 12 % month‑on‑month, target a 1 million account holders by summer 2020, and expand the workforce to 60+ people by the end of 2018.
What the fintech world looks like next year?
2018 is expected to be a turning point: fintech goes from niche to mainstream, with an eye on digital insurance startups like Cuvva, who are shaking up under‑insurance for young drivers.
Takeaway for fellow founders
Build a strong network, learn from early missteps, and never underestimate the power of community support. Loot is a testament that a lean, agile team can disrupt banks – punchy, user‑friendly, and all about the “thin‑screen” generation.
Final words
Got your own money‑management dreams? The Loot way shows you can keep it simple, accountable, and a whole lot more fun.
