Loot's gone bust?

SnowTiger

https://loot.io/

I received this email a few minutes ago:

Loot Financial Services Limited in Administration

Dear Customer

It is with regret that we are informing you that the above company is now in administration.

Your e-money is protected and held by Wirecard Card Solutions Limited at a regulated credit institution. Your funds will not be used by Loot or Wirecard Card Solutions Limited for any other purpose.

You are still able to continue to use the account as normal.

We are working with the administrators and we will announce further updates in due course.

Wirecard Card Solutions Limited

molerat

https://www.moneywise.co.uk/news/2019-05-22/fintech-app-loot-goes-bust-after-it-fails-to-secure-financial-backing-rbs

DCFC79

molerat wrote: »

https://www.moneywise.co.uk/news/2019-05-22/fintech-app-loot-goes-bust-after-it-fails-to-secure-financial-backing-rbs

Thanks but I cant read that as not a subscriber but am guessing its pretty much what the money wise link says
https://www.moneywise.co.uk/news/2019-05-22/fintech-app-loot-goes-bust-after-it-fails-to-secure-financial-backing-rbs

Money_Grabber13579

DCFC79 wrote: »

Thanks but I cant read that as not a subscriber but am guessing its pretty much what the money wise link says
https://www.moneywise.co.uk/news/2019-05-22/fintech-app-loot-goes-bust-after-it-fails-to-secure-financial-backing-rbs

Is that not exactly the same link you have posted?:huh:

molerat

Money_Grabber13579 wrote: »

Is that not exactly the same link you have posted?:huh:

I think DCFC79 quoted me just as I changed the link after I found it was behind a paywall

DCFC79

Money_Grabber13579 wrote: »

Is that not exactly the same link you have posted?:huh:

Nope, it was a link from FT.com

jonesMUFCforever

DCFC79 wrote: »

Nope, it was a link from FT.com

Unless you subscribe to FT I don't think you can read any of their pages.

gettingtheresometime

SnowTiger wrote: »

https://loot.io/

I received this email a few minutes ago:

I've had that as well but only read this evening.

I've withdrawn my funds & it seems to have gone through ok....though time will tell whether the money reaches my account

SnowTiger

gettingtheresometime wrote: »

I've had that as well but only read this evening.

I've withdrawn my funds & it seems to have gone through ok....though time will tell whether the money reaches my account

I withdrew my funds from Loot straight away. They were mostly made up of compensation I'd received from them.

They didn't appear in my bank account until about 10.30am the following day.

They are held with Wirecard, so were probably safe.

Loot was very amateurish. I had to take them to the FOS to get a matter resolved.

DCFC79

jonesMUFCforever wrote: »

Unless you subscribe to FT I don't think you can read any of their pages.

Yep thats what I said earlier on in the thread.
No unless a subscriber you cant read any of the pages.

eskbanker

DCFC79 wrote: »

jonesMUFCforever wrote: »

Unless you subscribe to FT I don't think you can read any of their pages.

Yep thats what I said earlier on in the thread.
No unless a subscriber you cant read any of the pages.

FYI, there is a simple workaround for non-subscribers, namely copy/pasting the article title into Google, which then allows access.

So, going straight to https://www.ft.com/content/5ed36cce-7c99-11e9-81d2-f785092ab560 brings up a paywall page saying "Subscribe to the FT to read: RBS-backed fintech Loot enters administration"

Copy/paste "RBS-backed fintech Loot enters administration" into Google and it returns an accessible FT.com link.

On the face of it, the URL is identical so I'm not quite sure exactly how this works, but after reading about this trick on here I've used it a number of times and haven't yet encountered any problems....