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British fintech Loot Financial Services enters administration

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British fintech Loot Financial Services enters administration

Royal Bank of Scotland Group PLC backed British financial technology company Loot Financial Services Ltd. appointed administrators after RBS withdrew from a possible purchase of the entire company, the Financial Times reported.

RBS had built up a 25% stake in Loot by investing £5 million over two funding rounds but opted against proceeding with an indicative bid after performing due diligence, a source told the newspaper. The bank's investment was related to its own planned digital bank, Bó, which it aims to launch later in 2019.

Loot appointed Henry Shinners and Adam Stephens of Smith & Williamson LLP as joint administrators, it said, noting that customers' e-money is held by Wirecard Card Solutions Ltd. at a regulated credit institution. Shinners told the Financial Times that the administrators are in advanced negotiations with a potential buyer to take over Loot's services, potentially "within days."