Loot Financial Services
United Kingdom
Founded in
2014 (12 Years)
Founded
Last online: No recent activity
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Security Information
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This company is currently Unproved.
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License
A Grade License
Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.
B Grade License
Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.
C Grade License
Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.
D Grade License
From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.
Company Information
Get to know Loot Financial Services
Company Information
Get to know Loot Financial Services
Founded in 2014, Loot Financial Services was a financial technology company that offered a mobile-first banking alternative. Its mission was to help young people, particularly students, gain better control over their finances through a user-friendly app that included features like budgeting, spending tracking, and setting savings goals, all linked to a prepaid Mastercard. The company did not have a full banking license and operated as an E-Money Directive (EMD) agent. In 2019, after facing financial difficulties and the collapse of its key partner, Wirecard Card Solutions, Loot entered administration and ceased operations. Some of its technology and its customer base were subsequently acquired by The Royal Bank of Scotland (RBS).
Industry
- Financial BankingPRIMARY
- Financial Other Service
- Financial Payment
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