Strong Foundations To Achieve Scale
Loot is a prepaid card scheme, mobile app and web interface offering millenials (predominately students) an effective way to manage their finances without getting into debt. It does so through budget facilities, Loot 'Goals' which act as a savings account, and categorising transactions allowing the cusotmer to understand where they are spending money. Launched in late-2016, Loot's customer base has grown exponentially and is now focusing on FX to service the international student population.
FINTRAIL has been working with Loot since its launch to develop financial crime frameworks and processes, facilitating a risk based approach to managing financial crime risks, whilst growing the business and product offerings. To-date this has included scoping requirements for KYC systems and providers, tuning transaction monitoring and sanctions screening solutions, setting-up compliance operations, mentoring and training the team as part of their exciting journey.