Frequently Asked Questions

What is Looma?

Looma is a personal finance management tool that helps you rule your money in your preferred way. With Looma you continue to spend as usual, but at the same time you save, invest or donate to charity a little.

How does Looma work?

Looma connects to your bank accounts to understand what you are spending money on and help you keep money organized. It works with your existing financial apps and automatically moves there your money based on the Rules you set.

What are the Rules?

You are the one to set up Rules. With a Rule, you basically say “If I spend money on a certain thing, I also agree to pay an additional interest of what I spent so that Looma can stash it away and move it somewhere else for me.”

The amount of the additional interest is something you should decide on your own.

The intended result is that once you set up a Rule, you can forget about it. And later on, you will end up with sizable savings that you would not have built up on your own.

By using Looma Rules, you kind of decide to put a small “fee” on yourself every time you spend money on certain things like shopping, eating out, paying rent etc. This “fee” then can be used for automatically making investments, buying crypto, donating to charity or contributing to your piggy bank. You won’t have to do these all yourself, once you set up a certain Rule, Looma will automate the cash flow.

How is Looma going to buy crypto for me? The Crypto Rule

Looma is not a crypto wallet. You should connect your existing crypto wallet so that Looma can automatically buy crypto.

Just imagine, whenever you buy a cup of Starbucks, Looma can purchase some bitcoin for you.

Note* We support Coinbase at the moment. Want us to support your crypto wallet, too? Drop us an email at

How is Looma going to invest for me? The Investment Rule

Looma is NOT a broker-dealer and its services are not intended to create any brokerage accounts. It only connects to your existing brokerage account and automatically buys stock for you.

Imagine how awesome it would be to purchase a pair of sneakers from Nike while at the same time investing in Nike. It’s like buying from your own company.

How is Looma going to donate to charity for me? The Charity Rule

Whenever you want to feel charitable, you can use the Charity Rule to donate to your favorite charities. Every time you spend on something, Looma can shave off a percentage to make a donation.

Imagine, every time you eat out, you can automatically send money to a charity that aids people in Africa.

How is Looma going to save money for me? The Saving Rule

If you want to save money for a rainy day, you can still spend some while Looma “taxes” you with a small percentage and moves it to your savings account.

Imagine, every time you ride with Uber, you can save some money to buy your own car.

How does Looma connect to my apps?

Looma uses public and private APIs to connect to different apps and services.

How is Looma unique?

Often we siphon money here and there without even noticing that. Looma serves as a kind of a faucet valve which helps control the money flow. But it’s not yet another personal finance management solution. It’s more like an IFTTT for your money, and it’s there to eliminate the hassle of micromanaging.

What institutions and account types can I connect to Looma?

We support over 10k U.S. bank and credit unions. If you have questions send us an email at

Is Looma safe?

Yes. Looma uses state-of-the-art security measures to make sure no unauthorized parties can access your data. On transit data is protected using 256-bit TLS encryption while at rest any sensitive data is stored only in an encrypted form using 256-bit AES encryption. In addition, proper monitoring is in place to detect and block any possible fraudulent activities.

Does Looma cost anything?

No. Looma is completely free.

Are there any intentions to launch in countries other than the United States?

Not at the moment. Stay tuned for updates.

Does Looma have an app?

We have an iPhone app which is in Beta now (Join the waitlist for early access). Android will come next. Stay tuned for more.

What are Looma’s policies regarding privacy?

You can find our current Privacy Policy in the footer of our website. Our Privacy Policy associated with specific products, such as our mobile app, will be posted at product launch. Have questions? Talk to us at

More about early access

You may register for early access to Looma by providing your email address. Early access to Looma means that you have joined the list to be notified when we launch so that you may download and use the app for free. You can refer a friend to register for early access. Each time you refer a new friend, you will go one level up the waitlist. So, make sure to refer as many friends as you can.