Loot Financial Services Ltd has fallen into administration. Henry Shinners and Adam Stephens of Smith & Williamson LLP are the joint administrators. Hilco Streambank are awaiting offers for the acquisition of the company’s intellectual property assets.
Loot provide an easy-application, digital current account service for 16-24-year olds. Venture Capitalists and well-established banks back the platform. Insights were offered to customers’ spending, with personalised features such as transaction history analysis, real-time spending notifications and periodic budgets. Within the growing digital banking market, young people in particular were attracted to the service, due to the brand and marketing activity engaged in. 2018 saw 10,000 new customers added. Many were attracted from the high social media presence used, highlighting Loot’s money management theme for young people. Their ‘Skint’ blog reinforced this.
They have a list of assets up for acquisition. The final deadline for offers is 17th June 2019, 4PM BST. The offer is to be written to Hilco Streambank. Any bids are to be submitted by a form, available on request.