Loot seals £2.2m in Series A round led by Portag3, Speedinvest

Digital current account company Loot has raised £2.2m in a series A funding round.

The money raised from the round, which was led by Portag3 Ventures and Speedinvest, brings the total raise by the company to £6m since 2014.

Loot is a platform that gives customers the ability to work out what they can do and when they can do it with their money without going into debt.

It works by using a prepaid, contactless card connected to the app and aims to help customers keep control of their money and spending.

The capital raised will be used to help the business put into place its mid-term plan to make Loot fully automatic, and expand its product offering. It will also expand its 40-strong workforce.

Loot founder Ollie Purdue said, “We are delighted to announce that we have raised £2.2 million in our Series A funding round after significant capital backing from a number of investors with impressive experience in the financial technology sector.

“This investment will help us further expand, bringing new and exciting developments to our product offering and help us reach our goal of growing 12 per cent month on month.”

The deal comes just days after FinTech Global reported that fellow digital current account business Colu raised $14.5m from IDB, bringing its total raised to $26m since it was founded.

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