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Intellectual Property Acquisition Opportunity

Loot Financial Services Ltd (in Administration)

Hilco Streambank is seeking offers to acquire intellectual property assets of Loot Financial Services Ltd (in Administration)(“Loot” or the “Company”), on behalf of Henry Shinners  and Adam Stephens of Smith & Williamson LLP as the Joint Administrators. 

BID DEADLINE

Monday, June 17 2019 at 4pm BST (British Summer Time)

Background

Hilco Streambank has been appointed by Henry Shinners and Adam Stephens of Smith & Williamson LLP as the Joint Administrators of Loot, to actively seek interested parties with regards to the sale of the Company’s intellectual property assets.

Loot provided a digital current account service via a secure, fast and scalable application targeted to 16-24 year olds within the growing digital banking market.

Backed by significant investment from venture capital and established banks, the Loot platform and brand was built to enable its target audience to manage their money. The Loot platform offered insights into a customer’s spending, providing personalised features such as setting daily and weekly budgets, real-time spending notifications, and analysis of transaction history. The platform included features such as Inbound FX Services, and #LootGoals, which allowed users to create a tailor-made saving goal with a name, image and date for easy identification by setting aside money from their current account and into a separate space.

Loot’s appeal to young people via its marketing activity and brand enabled the Company to achieve some of the lowest customer acquisition costs within the banking industry. The Loot brand was developed to speak directly to the 16-24 year old market, and was linked to Loot’s offering to build a focused message that drove customer acquisition. In 2018, Loot signed up approximately 10,000 new customers per month. The Company’s extensive social media presence reflects its brand messaging, and incorporates its money management theme for young people across social media platforms and on its standalone ‘Skint’ blog. Across these channels, created content would be written by third parties to be relatable to Loot’s target market, and shareable for onward distribution across the web.

The sophisticated brand and positioning of Loot as a traditional banking alternative was the core of a marketing engine that enabled the Company to sign up 180,000 customers since its launch. Targeting a growing demographic dissatisfied with traditional banking establishments, the digital platform had achieved one of the lowest customer acquisition costs within the industry.  

The sale of Loot’s assets presents the opportunity for a buyer to enter or expand into the digital banking market.

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Available Assets

Loot Brand

Established in 2014 and with a strong online presence, Loot is a leading brand in the digital banking market.

The brand has been marketed extensively to 16-24 year olds, and is widely recognised as a competitor to traditional banking services.

The brand is associated with ease of use, a suite of money management tools, and strong customer service support.

Platform

Circa £12m has been invested to date in Loot. The Loot front end UX consists of a set of mobile applications for iOS and Android and its website.

This code is documented and written in IOS Android / React / Swift, and currently hosted on Amazon Web Services.

The platform used an outsourced back end solution with a modular architecture. The backend partner is able to be replaced in order to use alternate “banking rails” infrastructure.

Domain Names

The high traffic branded domain names Loot.io and Skint.loot.io.

Website Content

Loot’s ‘Skint’ blog is a professional designed stand-alone site which hosts extensive content and imagery targeted to 16-24 year olds looking to manage their finances.

Trade Marks

The Company’s portfolio of registered trade marks protect the “Loot” brand, logo and associated terms “Loot Bank”, “Loot App”, “LOOT GOALS” and “Over-draught”.

A Trade Mark Schedule is available to download here.

Social Media Accounts

Instagram: @loot.app - c. 4,000 followers

Facebook: @lootapps - c. 7,000 followers

Twitter: @LootApp - c. 2,500 followers

Sale Process

Offers are due 17 June 2019 at 4pm BST.

All offers should be directed to Hilco Streambank in writing. A Bid Submission Form for offers is available on request.

Key Terms & Conditions

The Joint Administrators act as Agents of the Company and without personal liability.

The bidder acknowledges that Hilco acts as an agent for the Joint Administrators who offer for sale only what right, title and interest (if any) the Company possesses in the assets. Such sale will be without any warranties, expressed or implied.

The information provided has not been verified by Hilco or the Joint Administrators and bidders are deemed to have carried out their own due diligence.

A non-refundable deposit of 20% will be payable by the buyer within 48 hours of bid acceptance. VAT, if applicable, at 20% will be added to the price. A buyer's premium of 10% of the sale price is payable by the winning bidder. Legal completion to occur within 5 business days of bid acceptance. Hilco Streambank's full Terms and Conditions apply. 

Contact Us

For further information about the sales process please contact the following Hilco Streambank representatives:

Interested Parties

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