Redwood Bank has announced that it has welcomed over 1,000 business customers in its first year of service.
It has also lent around £50m to SMEs since its launch in August 2017.
The challenger bank – which was created to offer an alternative for SMEs – revealed it was approaching £60m of deposits.
Gary Wilkinson, chief executive officer and co-founder of Redwood Bank, said: “We have had a brilliant first year in business.
“We lend across Britain but focus on the regions in which we are based, with more than half of our business loans being drawn in our regional heartlands of the North West and the Home Counties/East of England.
“Our mission is to genuinely make a difference to our business customers by offering great service, simple accounts and by making fast, commonsense decisions.
“Our first year has been very successful and, to everyone who has both helped us and joined us on our journey, a big thank you.”
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