Loot, the UK digital current account for students and millennials, enters administration after a potential sale falls through

Loot, the digital current account aimed at students and millennials, has called in administrators after appearing to have run out of cash. According to sources, the U.K. fintech was unable to raise additional funding in time after a potential sale to banking giant RBS fell through. Intriguingly, Royal Bank of Scotland Group indirectly owned a 25% stake in Loot via an investment by Bó, the digital-only retail bank being developed by RBS subsidiary NatWest.