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).