“Having advised Loot on this strategic investment by Royal Bank of Scotland, we look forward to working with Ollie and the team on their next phase of growth.“
Silverpeak, the technology investment bank, acted as the exclusive financial advisor to UK Digital Bank, Loot, on Royal Bank of Scotland/Bó’s investment, who join strategic investor Portage (Wealthsimple) as well as SpeedInvest (investors in Holvi, Curve) and Global Founders Capital (investors in iWoca, Kreditech, Facebook).
RBS has taken a 25 per cent stake via Bó, the digital-only bank it plans to open later this year. Mark Bailie, CEO of Bó, said: “Loot is a really exciting brand and one that we’re proud to be associated with. Through its innovative use of technology and intention to change the status quo, it’s quickly built a following of loyal customers, with potential for rapid future growth.”
Loot launched in 2014 to help students and young people better manage their finances. All verified customers are provided with a pre-paid debit card and offer personal insights into spending patterns, allowing users to set daily or weekly budgets or even put aside money for larger #LootGoals.
Commenting on the transaction, Paddy MccGwire, Managing Partner at Silverpeak, said: “Having advised Loot on this strategic investment by Royal Bank of Scotland, we look forward to working with Ollie and the team on their next phase of growth.”