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UK challenger bank Loot has fallen into administration less than six months after it secured an investment from Royal Bank of Scotland and after the bank backed out of acquiring the whole company to roll it into their planned digital bank brand Bó.
RBS’s investment was tied to Bó, the standalone digital bank that it plans to open later this year. Bó shares Loot’s focus on using data analysis to help customers save money. It is one of a number of digital projects the bank is working on in an effort to adapt to changing customer habits and the growth of fintech rivals such as Monzo and Revolut.
https://www.ft.com/content/5ed36cce-7c99-11e9-81d2-f785092ab560
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