Ollie Purdue, founder and CEO of Loot
The London-based digital banking start-up has secured an extra £2.2m in seed funding, taking the total amount raised by the firm to £6m.
The funding round was led by Power Corporation's corporate VC, Portag3 and Speedinvest and will be used to help Loot move on to its next stage of growth.
Loot, which is used by over 50,000 people, is aimed at millennials who increasingly run their lives from their smartphone.
Ollie Purdue, the company’s 24-year-old founder, created the company in 2014 in his final days at university after struggling with money management apps and clunky banking interfaces.
He set about building Loot in a bid to change the relationship between young people and their money, no matter how high or low their balance.
Purdue said: “We want our users to know more about their spending, so they can do more with their money.
“This means letting them know how much they can spend freely (and safely) so that they can save and pay their bills.
“Loot’s goal is to work out the best way to manage our users money, so users can focus on what they're really interested in.
“Right now we can replace a traditional bank account and help our users manage their money and track their spending through our app.”
Steph Choo, who is managing partner at Power, said: "We’re really excited to be supporting Loot as they continue to develop both their brand and new features.
“Loot has already had a huge impact on their target market, which consists predominantly of students and young professionals - we’re looking forward to Loot’s expansion over the next year and beyond.”