Loot draws $3 million to fund U.K. payments app for millennials

U.K.-based Loot, which launched last year with a mobile banking app that helps millennials budget their money, has secured an additional $3 million in funding.

Loot leverages a digital account plus a companion prepaid Mastercard debit account enabling users to set spending and saving goals, will use the funds to streamline and automate features within the app and its expand its integrations with social media, the company said in a press release this week.

The brainchild of 24-year-old Ollie Pursue, Loot has been in development since 2014 and with various seed rounds it’s raised more than $7 million.

Funders behind the latest round include Power Corp., Portag3 and Speedinvest.