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

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.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.

The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.

Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage