Loot Financial Services Ltd (09092633): administration
- Status
- Administration ended
- Administration began
- 2019-05-22
- Administrators
- Adam Henry Stephens, Henry Anthony Shinners
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2014-06-19
- Location
- London
- Industry
- 66190 Activities auxiliary to financial intermediation n.e.c.
Why it went into administration
- Regulatory change or action
From the administrators' statement
The business was founded by Oliver Purdue in 2014 an e-banking platform, targeted at young professionals, students and others in the 16-24 year age range. It provided a mobile app-based current account and pre-paid contactless debit card,
The banking services underlying the platform were provided by Wirecard, which is authorised and regulated by the FCA to conduct electronic money service activities.
Over the course of the business’ history, equity funding of circa £12 million was provided by a mix of institutional and private investors. By early 2019, the business had seen significant growth in customer numbers and had “signed up” over 180,000 users. Critically however, despite the very significant investment, the business had not developed to the stage where it was generating material revenues from those users and in the seven months to April 2019 it incurred average losses of circa £500,000 per month.
Administrators' statement of proposals (2019-07-26) · Companies House register