Bó has invested £2 million in the digital current account Loot.
This follows an initial investment of £3 million in July 2018 and takes the total shareholding to around 25 per cent.
Loot launched in 2014 to help students and young people better manage their finances and now has more than 175,000 sign-ups. All verified customers are provided with a pre-paid debit card and offered personal insights into spending patterns, allowing users to set daily or weekly budgets or even put aside money for larger goals.
Bó is the digital-only retail bank being developed by NatWest. It is currently in private beta testing, with a view to launch later in 2019.
Mark Bailie, chief executive of Bó, called Loot a “really exciting brand” and added: “Through its innovative use of technology and intention to change the status quo, it’s quickly built a following of loyal customers, with potential for rapid future growth.”
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