PCF Bank has announced that the total value of deposits it has accepted from retail customers has surpassed the £100m mark.
The specialist bank has reached the milestone sooner than anticipated, as it only started accepting retail deposits at the end of July 2017.
During this period, 2,500 new retail customers have joined PCF Bank.
The rise in retail deposits has allowed PCF to continue to replace more expensive wholesale bank debt, support its growth strategy and allow it to scale its lending portfolio more rapidly.
It has also allowed the bank to provide greater flexibility of funding and a reduced cost of funds to allow it to compete in the much larger prime segment of the market and facilitate the launch of new products.
The PCF group hopes to grow its lending portfolio to £350m by September 2020 and £750m by 2022.
David Bull, finance director at PCF, said this was a remarkable achievement from a standing start in July last year.
“Our proposition is ‘Simple Banking. At your service’ and delivering against this statement is clearly resonating with our customer base.
“We look forward to further success with this growing element of our business.
“I would like to thank all of the dedicated people we have across our whole business at PCF, without whom this achievement would not have been possible.”
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