Loot, a banking app focused on finances for students and young people, is close to finalising a round of investment that will see the small company bring in over £1m in new funding as it prepares to launch a revamped app that aims to rival other mobile-first banking services.

Marketed primarily at university students, Loot was launched last September to coincide with the start of the university year, and links a money management app to a pre-paid credit card. According to Business Insider, the firm is close to securing a significant injection of seed funding.

The company was founded by current CEO Ollie Purdue, who had the idea while at the University of the West of England, and is only 22 years old. Despite his youth, Purdue has already guided Loot to raise £200,000 from a number of City bankers and Nick Wheeler, founder of clothing brand Charles Tyrwhitt.

Loot is reportedly gearing up to launch a revitalised version of its app that will bring in budgeting and saving tools, both of which are currently teased on the services website. The new features would bring Loot in line with similar banking apps such as Mondo and Number26.

One advantage that Loot brings to the student banking market is the fact that it relies on a pre-paid credit card, meaning it can quickly and easily sign up international students, something that traditional banks can struggle with. According to Purdue, customers can be signed up within two minutes, regardless of their nationality, although a spending limit is put in place until ID checks are completed.

Loot is currently only available on iOS, but the company has plans to launch both an Android app and web portal for its services in the near future, something that a new wave of funding would undoubtedly help with.