Loot Bank is a start-up we can finally get behind

Admit it: You are like us in being tired of mindless startups finding a mindless fanbase to put millions of dollars into it. Don’t even get me started back up on the Potato Parcel thing.

But there’s a new app out there that is going to help out college kids in a new way, and it is a damn good idea.

Loot Bank, the brainchild of 22-year-old Ollie Purdue, is a money managing app connected to a pre-paid card that will help those collegiate kids budget better.

Purdue, who recently graduated from University of the West of England, reportedly created the prototype of the app when his fellow students were struggling with other money management apps. He explained Loot Bank to Business Insider:

“The way it works is when you open it up it already tells you how much you can spend… It’s based on total balance, outgoings, and projected spending… This is the thing with students, every three months they’ll get 1,000 pounds [$1,580], or 1,500 pounds [$2,370], so the total balance is less important because if I open up the app it could say I’ve got 2,000 pounds [$3,160], but I don’t know if that’s 10 pounds [$15] a day or if I’ve got loads of money… For instance, I went out and bought a TV when I got my student loan and got sky-diving lessons. Actually, I only had about 20 pounds [$31] a day.”

Loot Bank doesn’t officially launch for another couple of weeks, but we can already tell it is going to be a hit. Heck, I wish it was around when I was in college.

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*Featured Photo (above) credit to USA TODAY Sports

  • campussportswriterCAMPUSSPORTS Writer
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