Rearranging its digital operating structure, RBS-owned NatWest has recruited the enterprise team of insolvent mobile current account operator Loot (Loot.io), who will lead the development of its Bó project.
Natwest is reported to have recruited the staff members, as part of RBS insolvency of Loot, a venture the bank had backed at the start of 2019, securing 25% equity in the business.
RBS had invested a reported £3 million in Loot seeking to enhance its mobile banking capabilities, building new provisions mirroring those of ‘digital challenger banks’ disrupting UK banking engagements.
However, last May, Loot announced that it had entered administration, citing funding difficulties, with lead backer RBS detailing that it would not invest in the venture beyond its 25% holding.
Built on a ‘new technology stack’, which aims to override ‘group legacy banking structures’, Bó is the new digital and product development division for UK high street bank NatWest.
The Bó division is overseen by former RBS COO Mark Bailie as Chief Executive, who has detailed to media that NatWest’s venture will bring new concepts to day-to-day banking transactions.
According to technology news source TechCrunch, Loot founder Ollie Purdue is set to join Bó as Chief Product Officer (CPO).
Purdue is set to lead his team in running Bó’s product development, branding and marketing, reporting directly to Baillie.