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.”
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