Student money management app Loot lands £1.5m
Bristol-based app that helps students "balance their books" will invest in marketing and recruitment ahead of nationwide expansion
Loot, a money management app for university students, has secured £1.5m in funding from Austrian early-stage fund Speedinvest and Global Founders Capital.
Founded by University of the West of England graduate Oliver Purdue in 2014, Loot aims to help students take control of their finances by combining the features of a conventional bank account, such as cash withdrawals and transfers, alongside features specially designed to help users stick to a budget.
The app will soon include a feature that allows students to compare their spending to that of their peers and plans to include tailored offers to help students save money.
While the start-up is currently pre-revenue, it has said that it hopes to eventually generate revenue through international transfers and targeted promotions.
Currently available to students and seven UK universities, Loot will use the funding to support marketing and recruitment as it looks to expand throughout the course of this year.
“I found that my banking app just showed my current balance, which didn’t really mean much to me. When students have their loans come in, their bank balance makes it looks like they have loads of money. But it doesn’t tell them how much that actually amounts to per week, until they get their next loan in.”