CivilisedBank has received its banking licence from the Bank of England.
The bank is now authorised with restrictions, which will limit the amount of business the bank can undertake until fully operational.
The branchless digital bank will now offer savings, loans, transaction banking, overdrafts, current accounts with deposits and foreign exchange to businesses in the UK SME market.
The bank has a network of local bankers working in communities aimed at reinventing traditional banking for businesses.
Chris Jolly, chairman at CivilisedBank, said: “We are reinventing traditional banking for businesses by bringing back one-to-one relationship banking to SMEs, enabled by the very latest technology – both online and mobile.”
Chris announced that the majority of the funding for the build phase had come from Warwick Capital Partners, a London-based investment manager.
Gordon Dow, chief executive officer at CivilisedBank, said: “What makes CivilisedBank different is that we are offering a genuinely new service that isn't currently offered by either traditional or online-only banks.
“Our customers will benefit from an innovative, yet secure digital platform, as well as being able to build an open and transparent relationship with a local banker.
“We will be partners with our customers, supporting and helping them grow their businesses.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
FP Show partners with Mortgage Sleep Out
The Finance Professional Show (FP Show) is lending its support to Mortgage Sleep Out, with the event hosting a number of initiatives to raise awareness and sponsorship for the charity fundraiser...
Gatehouse Bank strengthens specialist finance team
Gatehouse Bank has hired Zeenat Shaffi (pictured above) as a business development manager for its growing specialist finance team...
Close Brothers director to retire
Close Brothers Group PLC has announced that Elizabeth Lee, group head of legal and regulatory affairs, will retire from her executive director position at the end of the 2019 financial year...
Kent Reliance appoints two new senior BDMs
Kent Reliance – part of the OneSavings Bank Group – has appointed two new senior BDMs as it expands its nationwide offering...
Coutts partners with Mortgage Brain to offer products to intermediaries
Private bank Coutts has partnered with Mortgage Brain to make its products available – via the latter’s platforms – to UK intermediaries...
Charter Savings Bank launches two new accounts
Charter Savings Bank has introduced two new accounts: a 95-day notice account and a three-year fixed rate cash Isa...
FP Show reveals its largest and most diverse conference programme
The Finance Professional Show has confirmed its largest conference programme to date, hosting a selection of varied sessions throughout the event next month...
47% of SMEs prepared to move away from traditional banks
Almost half of SMEs in the UK (47%) would move to a challenger/digital bank or non-banking brand if they decided to switch, according to the latest research by Unisys Corporation...
Monese launches business account
Monese has launched a business account in the UK which will be bundled with its personal banking account...
Metro Bank provides £14m facility to support London office acquisition
Metro Bank has provided Kingsway Properties London with a £14m investment facility to support the acquisition of a five-storey office building in central London...
Tandem introduces new credit card blocking feature
Tandem has created a new card-blocking feature for its banking app which allows customers to react instantly to a misplaced card...