Loot — Summary of 2015
2015 has been huge for Loot. Here is a summary of our best bits and where we are heading in 2016…
I think what we stand for is the biggest thing that we don’t shout about — but its so engrained in what we do.
We ultimately want to stop money from holding people back. That’s not just how you manage your money but its your whole attitude to money and how you use it to live your life.
This is reflected in what we will launch, how we launch it and more crucially how we make money. Loot will never rely on debt to make a profit, and we never reinvest your money into things like fossil fuels. Unfortunately your current bank couldn’t say the same.
We will be writing more on this very soon so I won’t go on…
For those who have met the team you will know how well we work together. The challenges of working in a startup means we are all working 24/7 on all aspects of the business. We all have an active role in influencing the decision and direction of the company as a team, which is part of how we can move as one so fast.
The team has changed enormously, we were 2 but now we are 8. To name just a few achievements our designer Nick is making groundbreaking banking interfaces (thanks Nick). Kyle, our lead iOS developer managed to build a whole banking app on his own in 99 days and I’m learning how to pitch without saying the word “ridiculous”.
I also want to mention all our amazing advisors and mentors who are constantly helping and clearing the path ahead for us. Without you guys we definitely wouldn’t be here.
Product developments and roadmap
One of the things we aren’t so great at is keeping people updated. We seem to keep our heads down so much we never shout about the great things which really push us forward. We will get better at that and already have a lot to shout about for next year.
We are really proud of how quickly we can build and launch new things. Loot V1 was launched 99 days after development started. On day 1 it was just Filip and I in our new office chatting about how we are going to take on this huge task; 99 days later and it was live. In that time we had hired 5 people, built an entire back-end infrastructure, built an iOS application with digital on boarding and managed to get the whole thing to work!
This was really important for us. A lot of Fintechs (including us) make big claims about what we are building, and most are fairly justified. Fintech is amazing in the fact that we are all doing things the bigger banks couldn’t, with less than a 10th of the budget. The problem is, you can’t set out to build “the worlds best current account” and do it in isolation (like some are)… You need to make sure people are using it and have an easy way to reach out and talk to you directly. Because of this we have learned so much about our users, our own product and our brand which will become clear with what we will launch over the next few months.
The unfair advantage Loot holds is that we have the ability to launch in under 99 days then completely redesign the website, on boarding process and whole UI of the app in under 50 additional days.
I’m going to make a wild claim now and say that by the end of 2016 everyone with a Loot account will never need a bank again. That sounds crazy but based on our plans and knowing us we will have built and launched Loot 2.0 before May (watch this space).
To say 2016 is going to be huge for us is an understatement. We have a lot planned and a lot to do. We will stick to what we do best and will roll out new features and infrastructure upgrades very soon. See you next year!