(Bloomberg) --

Paul Pester, former chief executive officer of TSB Bank Plc, is preparing to launch a social network for digital payments, according to Sky News.

Loop, as the startup is called, raised a seed round of investment and plans to bring in more money next year, according to the report.

Pester’s partners on the project are Anthony Thomson, the founder of Metro Bank and Atom Bank, and Matthew Donaldson, former head of U.K. price comparison website Compare the Market.

Pester didn’t immediately reply to a LinkedIn message seeking comment. 

Loop is currently in beta mode and aims to facilitate payments between family and friends. It’s unclear if the company has any affiliation with the Saudi Arabian company of the same name, which is also in the digital payments business. 

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