These customers signed up over the summer for the new Loot service by joining an online waiting list.

Loot is aimed at millennials - or the young at heart - who increasingly run their lives from their smartphone. Believing “life is too short to miss out”, the Loot team has used market-leading technology to create a new type of banking experience that shows customers what they can do, when they can do it and how much it will cost them, all without going into debt. Loot does this by giving customers unprecedented visibility and control over their money and spending, helping them to make the most of life without having to worry whether or not they can afford it.

Loot works by using a prepaid, contactless ‘MasterCard’ debit card connected to the app. Each customer has their own Loot account number and sort code, and the underlying e-banking services and license is provided by major UK issuer Wirecard Card Solutions Limited.

The Loot philosophy is all about helping customers make optimum use of the money they have by giving them unique visibility and control of their spending and the money they have left. Given the age and typical circumstances of Loot’s younger target audience, it does not currently offer any overdraft or borrowing facility, ensuring that Loot customers avoid the trap of falling into debt.

Money can be paid into the Loot account electronically by money transfer, free of charge. Using the Loot debit card, money can be spent anywhere accepting MasterCard card payments, including online, and cash can be withdrawn from any ATM.

Ollie Purdue, Founder and CEO of Loot said, “By automatically categorising all of your spending, as it happens, and showing you how much you still have available to spend to stay on budget, Loot puts you totally in control of your money. And all right there, on your smartphone, with great graphics making it quick and easy to see where you stand - soon even against the spending habits of other people like you.
“We will soon be adding a further unique feature, again making use of your spending data, to help you save more money. We will send you messages on your phone offering you special discounts and deals from our partner retailers, cafes, cinemas etc - all of which we know you like or are relevant to you”.

The new Loot v2 going live this week includes:
• Categorisation - Loot groups your spending data into categories such as entertainment and travel, helping you to track and understand exactly how and where you are spending your money. Instantly view your spending statistics to save time working your way through piles of paper statements.

• Travel - When you arrive in a new country Loot can show you your balance in the local currency so you know how much money you have to spend. As you make a purchase, Loot uses a competitive exchange rate, allowing you to spend money abroad. Loot will provide you with spending summaries upon arrival and departure, ensuring you never lose track of your spending - whatever the currency.

• Spending notifications - Receive ‘push notifications’ on your phone in the time it takes for the store to print out a receipt. You stay on top of your spending in real time.

• Contactless card - Your Loot card is contactless so you can enjoy the convenience and speed of contactless payments wherever the facility is offered.

• Block and unblock card in seconds - Simply block and unblock in app if your card is lost or stolen.

All services on Loot are provided free of charge to the customer. Loot’s enlightened business philosophy goes further still by only making money from a customer when it has helped the customer to save money. This will happen when Loot earns revenue from partner retailers and other businesses when customers take up special deals and discounts offered to them.