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."