London-based fintech startup Loot, which runs a banking app targeted at millennial customers, has raised £2.5m in its latest financing round.
The fresh capital was provided by Austrian early stage investor SpeedInvest and German venture capital firm Global Founders Capital.
Both firms backed Loot’s previous £1.5m financing round which was completed in June this year.
With £4m raised to date, Loot is looking to take a piece of the busy UK market for digital-only banks and go in a head-to-head race with local operators such as Atom, Mondo and Tandem.
The startup will soon launch an overhauled version of its app and will focus on product marketing.
Loot offers a pre-paid debit card and an digital only account, both based on the Wirecard system.
The debit card is connected to a money management app where customers can view the details of their transactions.
The new version of the app will include savings options as well as targeted offers.
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