A platform called Loop is being launched to enable the “informal sharing” of money between families and friends.
In Brief:
- It’s founded by Paul Pester, the former CEO of TSB Bank.
- It also includes Anthony Thompson who founded Metro Bank and Atom Bank, as well as ex-CompareTheMarket boss Matthew Donaldson.
- Loop intends to caplitalise on an increase of informal lending among friends and family.
What does this mean?
Loop is going into beta testing and has reportedly raised a seed round. It appears to be a kind of peer-to-peer lending platform with a social element which will enable people to easily send and receive money among a selection of known people.
Read more here.
