UK fintech startup Loot has raised £2.2 million in funding from Portag3, the VC division of Power Corporation, and Speedinvest.

Loot is a smartphone-based digital current account, launched late last year to help people better manage their money. The startup said its services are aimed at millennials.

The new funds will be invested in developing new features for the app that will add greater automation to Loot.

“Loot’s goal is to work out the best way to manage our users money, so users can focus on what they're really interested in. Right now we can replace a traditional bank account and help our users manage their money and track their spending through our app,” said CEO Ollie Purdue.

Loot’s chief competitors are traditional banks and the myriad money management apps on the market. According to Purdue, bank apps don’t properly help people understand their money and struggle with tech.

“For example, since I started Loot, my Natwest app hasn’t materially changed in any way I would notice it. That’s too slow for me as a user. The new fintech banks are much better at this, but none of us are at scale yet,” he said.

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