CivilisedBank is set to receive further funding from current investor Warwick Capital Partners, subject to regulatory approval.
The London-based investment manager has provided the majority of the funding for the build phase of the bank to date, and has taken up the opportunity to invest in the latest round of fundraising.
CivilisedBank is also currently talking to existing and potential new investors about funding its launch and growth.
The bank is on schedule to launch in the first half of 2018, when it will deliver local banker services to business customers and online savings to retail savers.
“We are thrilled that Warwick Partners has decided to invest further in CivilisedBank, as it demonstrates continued confidence both in our unique business model and also our growth prospects,” said Philip Acton, CEO at Civilised Bank (pictured above).
“By eliminating sales targets, paying a competitive base salary as well as a share of company profits, we enable local bankers to focus on building long-term relationships.
“This is reinforced by our commitment to the bankers’ oath – pledging all our staff to the best possible customer service.”
Ian Burgess, co-chief investment officer and founding partner at Warwick Capital Partners, felt that CivilisedBank stood out as a specialist bank by offering a peerless banking service to the SME market.
“…We’re delighted to increase our investment in what we see as a game-changer for the sector.
“The CivilisedBank business model will reinvent traditional banking through a network of local bankers who visit customers at their business premises.
“With the support of a new technology platform – designed to enable relationship banking and taking speedy credit decisions – local bankers will be able to provide their SME customers with the best-in-class service that they have to date been missing out on.”
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