Company Information

Get to know Loot

Founded in 2014, Loot was a financial technology company that provided a prepaid debit card and a money management app primarily targeting students and millennials in the UK. The service was designed to help users track spending, create budgets, and save money. Loot was not a licensed bank but operated as an E-Money Directive (EMD) Agent, with customer funds held by its partner, Wirecard Card Solutions Limited. Despite raising over £15 million in funding, the company faced financial difficulties and went into administration in November 2019, subsequently ceasing all operations. Its technology and some staff were later acquired by RBS for its now-defunct Bó digital banking project.

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Financial Electronic PaymentPRIMARY
Financial Other Service

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Loot

United States

Founded in

2020 (6 Years)

Founded

Last online: No recent activity

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OVERALL SCORE

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(180 reviews)

Cyprus

2017

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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.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.