British fintech firm Loot has been put under administration. It had some 6 months ago received an investment from Royal Bank of Scotland, after the bank failed in its efforts to buy the company. Loot could not raise fresh investment and was therefore put under administration. Henry Shinners, joint administrator of the firm, said the company is in advanced negotiations with a potential buyer that could take over Loot’s services. He said the deal could happen soon which will prevent any disruption in the firm’s service covering some 200,000 customers. Five-year-old Loot did not have a banking license, but it offered a current account and pre-paid debit card with controls and spending limits, largely aimed at millennials. RBS took a 25% stake in Loot over 2 rounds of investment in 2018 and early 2019, investing £5 million. RBS had shown readiness to buy the entire company but decided not to, following a due diligence. Loot then searched for alternative sources of investment but failed to secure a deal before it ran out of funding.