RBS invests in digital bank startup Loot to compete against Monzo and Starling

Written by Oliver Wade

The Royal Bank of Scotland (RBS) has invested in a digital current account targeted towards students and young people that has set out to rival challenger Monzo and Starling.

The £2m investment was made through NatWest’s digital-only retail bank Bo, which is due to launch later this year, and takes its total shareholding to 25 per cent following an initial £3m investment in July next year.

The startup launched in 2014 and was designed to help students manage their finances, and now has more than 175,000 sign-ups. Verified customers are provided with a pre-paid debit card and are offered insights into their spending habits, along with the ability to set daily or weekly budgets.

Others which have invested in Loot include Speedinvest, Global Founders Capital and Portage.

NatWest’s digital-only retail bank, Bo, is expected to launch to customers in 2019.

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