RIYADH: The former chief executive of Britain’s TSB Bank is launching a UK-based social networking app that allows friends to share money. Paul Pester has collaborated with Metro Bank and Atom Bank founder Anthony Thomson to set up Loop, Sky News reported. Loop has raised a seed funding round and is currently preparing for a larger Series A fundraising exercise to be held in early 2022. Informal money sharing has seen an increasing trend, valued at more than £12.5 billion ($16.6 billion) annually in the UK, Sky News reported, citing Pester and his co-investors. The trend has grown during the pandemic amidst the greater uncertainty in job markets.