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NEWS Loot (finally) ready to go


Loot, has launched. “The day is finally here. This is not a drill. We have actually launched. It may have taken us a little longer than we wanted (sorry ‘bout it), but we’re now ready to start opening up accounts & sending out cards,” the startup said in a blog post.


L


Last year, Loot closed a seed funding round of £1.5 million, headed up by Austrian early stage fund Speedinvest. The venture, founded by recent graduate Ollie Purdue, has come up with an app for Millennials to monitor what they can do, when and how much it will cost. They can set up an account in minutes through


ondon-based Millennial banking outfit,


a photo, an ID/passport and a UK address. Once approved, they get a prepaid Mastercard with a sort code and an account number.


Unlike the many UK challenger banks out


there, Loot does not have a banking licence. Rather, it has a partnership with regulated German payment processing firm, Wirecard, to hold customer cash.


Scott Thompson London gets tap-and-pay beer pump


service beer pump has launched in London, with the aim of reducing queuing times for customers buying drinks during busy periods like Christmas. Pay@Pump allows drinkers to order and pour their own pint and pay via contactless on a pad at the base of the pump.


T


Barclaycard is behind the tech and a prototype has been installed in a Central London pub, Henry’s Café Bar. “I’m sure everyone has been stuck behind the person who orders the most complicated cocktail on the menu or a


he world’s first contactless payment, self-


round of 10 drinks for their group of friends,” says Tami Hargreaves, commercial director, digital consumer payments, at Barclaycard. “When people told us that waiting time was one of their biggest annoyances, we wanted to help solve a common problem with a simple solution.”


The London pilot could be followed by a UK-wide roll-out next year, not only in bars and pubs but also at large music festivals and concerts.


Scott Thompson


www.ibsintelligence.com © IBS Intelligence 2017


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