RBS secures 25% stake in digital current account Loot
This follows an initial investment of £3 million in July 2018 by Bó. This bank is being developed by NatWest – part of RBS.
Loot launched in 2014 to help students and young people manage their finances and says it now has more than 175,000 sign-ups. All verified customers are provided with a pre-paid debit card and offered personal insights into spending patterns.
Mark Bailie, CEO of Bó, says: “Through [Loot’s] 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.”
Bó is currently in private beta testing, with a view to launch in 2019.
In other news today (7 January), RBS was called out on its restructuring.
Neil Mitchell, a Scottish businessman, has paid four months up front on a £5,000 a month billboard in Croydon, south London, which reproaches the bank’s wrongdoings.
The billboard shows a fake newspaper with the RBS and Natwest logo dripping blood, and says these banks have caused “austerity, suicides, bank’s crimes, economic destruction”.