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Loot raises £2.5m from investors including SpeedInvest

Loot, a London-based banking and money management app, has raised an additional £2.5m from investors including SpeedInvest, an Austrian early-stage fund.

The startup also received funding from Global Founders Capital, a venture capital fund headed by the Samwer brothers, founders of Rocket Internet, and various angel investors.

Founded by Ollie Purdue in 2014, Loot originally set out to target overseas students, and has raised £4m to date.

Speaking about the funding, Purdue told Business Insider: “We wanted the money to really start marketing heavily. It’s purely growth and customer acquisition money.”

“We actually managed to get people on our waiting list much cheaper than we expected. This raise is on the assumption that it will continue to be similar and we’ll need more money to do stuff like get the debit cards out there. When we go live we’ll be issuing 500 cards every day. As go live capacity, that’s quite good,” he added.

Loot hopes to use the funds to grow its user base.