Loot, a London, UK-based provider of a banking app for millenials, raised $2.5m in funding.
Backers include SpeedInvest and Global Founders Capital.
The company is using the funds to expand in Europe.
Led by CEO and founder Ollie Purdue, Loot has created a banking app for millenials to monitor what they can do, when and how much it will cost. People can set up an account in minutes through a photo, an ID/Passport and a UK address. Once the details are approved, a prepaid Loot MasterCard® is packaged and sent off to customers with a sort code and an account number.
The Loot MasterCard® and account is provided by Wirecard Card Solutions Ltd, authorized and regulated by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).