Bó, the digital bank developed by RBS-owned NatWest, has recruited the founder of Loot, an online banking service aimed at millennials that went into administration last month.
According to online news site TechCrunch, former Loot boss Ollie Purdue will join Bó as its chief product officer, along with 17 of his former Loot colleagues.
Loot ran into trouble earlier this year when it faced funding difficulties. A sale to RBS, which holds a 25% stake in Loot via its Bó operation, was a prospective lifeline but the deal fell through and Loot ultimately ran out of cash. Purdue and his team will reportedly be charged with running the startup bank's product development, branding and marketing, reporting to Bó chief executive Mark Baillie.
Bó, which is built on a new techology stack rather than RBS or Natwest's legacy technology, is expected to launch later this year once its testing is complete.