Loot becomes “the one to watch” in the UK’s Smartphone Banking Revolution

Loot announces today that it has just closed an investment round raising a further £2.5m (added to the £1.5 seed capital they raised last year), from their existing investors, including SpeedInvest (Holvi, Curve) and Global Founders Capital (iwoca, Kreditech, Facebook) and a small number of new angel investors.

Loot v2 will launch next week to the “Loot Legends” – existing Loot customers that have been using version 1 of the service up to now.  Loot v2 offers an impressive range of new functionality, providing a revolutionary new type of banking service aimed at millennials and anyone using their smartphone to do many things at once .

Through November, the more than 20,000 new customers that signed the Loot v2 waiting list opened in the summer will have their accounts activated and will start using the new service. The new funding will be used to grow this user base as fast as possible, building on these first 20,000 quickly and cost-effectively.

Loot’s competitors in the UK smartphone banking arena (Monzo, Atom, Starling etc) all appear to be turning themselves into incumbents rather than challengers by going for their own banking licenses up front, tying themselves into HUGE capital and regulatory requirements, and the massive challenges of running their own balance sheet safely and successfully with small, fledgling deposits and lending. It is a huge distraction from building a revolutionary banking experience for the customer.  Their approach creates very significant risk for the business itself, its investors and its customers who will have the additional worry of banking with a new player without the financial security of an enormous balance sheet as with the established banks.

This is a very far cry from being the fleet of foot, customer-centric, leading-edge technology play that Loot is. Loot will almost certainly go for its own banking license in time, but only once it has raced ahead of the rest with market-leading functionality (the thing that customers are looking for) which will attract a larger and more loyal user base, faster. This approach will mean the race can be won with what really matters to the customer, and then the task of getting the license and running a successful balance sheet will be much easier because of the scale already achieved.  This approach also means that attracting the much larger investment necessary for seeking a banking license is deferred, and will be easier as scale and momentum will already have been achieved.

Author: Dylan Jones

Share This Post On
ATM Africa

38 Comments

  1. Propecia Dosage Active Ingredient cialis Direct Free Shipping Fluoxetine Best Website

  2. Viagra Generico Farmacias Espanolas cialis Amoxicillin For Canines Side Effects

  3. How Effective Amoxicillin For Toothache cialis Generic Levitra Paypal

  4. Amoxicilina Panklav Next Day. Amoxicilina Penamox On Sale cialis Cialis Legal Kaufen

  5. Your method of describing the whole thing in this article is really nice, all can effortlessly understand it, Thanks a lot.

  6. My brother recommended I might like this website.

    He was totally right. This post truly made my day.
    You can not imagine just how much time I had spent for this
    information! Thanks!

  7. Cheapest Propecia cialis price Provera In Germany Tablet With Next Day Delivery

  8. It is perfect time to make some plans for the future
    and it is time to be happy. I have read this post and if
    I could I want to suggest you some interesting things or advice.
    Maybe you can write next articles referring to this article.
    I want to read even more things about it!

  9. Greetings! Very useful advice in this particular article!
    It’s the little changes which will make the largest changes.
    Many thanks for sharing!

  10. Why users still make use of to read news papers when in this technological globe everything is presented on net?

  11. Hi there, just became alert to your blog through Google, and found that it is truly informative.
    I am going to watch out for brussels. I will appreciate
    if you continue this in future. Lots of people will be
    benefited from your writing. Cheers!

  12. An intriguing discussion is worth comment. I think that
    you should publish more about this topic, it might not be a taboo subject but usually people don’t speak about such issues.
    To the next! Cheers!!

  13. Good day! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying
    to get my blog to rank for some targeted keywords but
    I’m not seeing very good results. If you know of any please share.
    Cheers!

  14. Very good information. Lucky me I discovered your blog by accident (stumbleupon).
    I have saved as a favorite for later!

  15. Very nice post. I just stumbled upon your weblog and wanted to say that I have
    truly enjoyed browsing your weblog posts. In any case I’ll be subscribing to your
    feed and I hope you write again soon!

  16. Aw, this was an incredibly nice post. Taking the time and actual effort to make a
    superb article… but what can I say… I procrastinate a lot and never manage to get
    anything done.

  17. It’s really a nice and helpful piece of information. I’m satisfied that you simply shared this useful information with us.
    Please stay us up to date like this. Thanks for
    sharing.

  18. It’s a shame you don’t have a donate button! I’d certainly donate to this outstanding blog!
    I suppose for now i’ll settle for bookmarking
    and adding your RSS feed to my Google account.
    I look forward to new updates and will share this site with my Facebook group.
    Chat soon!

  19. It’s impressive that you are getting ideas from this piece of writing
    as well as from our discussion made at this time.

  20. First of all I want to say fantastic blog! I had a quick question which I’d like to ask if you don’t mind.
    I was curious to find out how you center yourself and clear your thoughts before writing.
    I have had a hard time clearing my thoughts in getting my ideas out.
    I truly do take pleasure in writing however it just seems like the first 10 to 15 minutes are usually lost
    just trying to figure out how to begin. Any ideas or tips?
    Kudos!

  21. Your way of explaining all in this article is
    really fastidious, every one be able to simply be aware
    of it, Thanks a lot.

  22. Have you ever thought about adding a little
    bit more than just your articles? I mean, what you say is valuable and all.
    However think of if you added some great graphics or videos to give your
    posts more, “pop”! Your content is excellent but with pics and video clips, this site could certainly be one of the best
    in its field. Superb blog!

  23. Hi, I check your new stuff on a regular basis. Your story-telling style is awesome,
    keep doing what you’re doing!

  24. Hello! Do you know if they make any plugins to protect against
    hackers? I’m kinda paranoid about losing everything I’ve worked hard on.
    Any recommendations?

  25. This is the perfect website for anyone who really wants to understand this topic.
    You know a whole lot its almost hard to argue with you (not that I really will need to…HaHa).
    You certainly put a brand new spin on a topic that’s been discussed for decades.
    Great stuff, just wonderful!

  26. I was wondering if you ever considered changing the layout of your
    website? Its very well written; I love what youve
    got to say. But maybe you could a little more in the way of content so people could connect with it better.

    Youve got an awful lot of text for only having 1 or two pictures.
    Maybe you could space it out better?

  27. Why people still use to read news papers when in this technological globe all
    is available on net?

Submit a Comment

Your email address will not be published.