Phillip – who replaces previous CEO Gordon Dow – is a founding member of CivilisedBank and started his career in retail banking at HSBC in London before working in Hong Kong and Brunei.

He has also served as the chief executive officer of Accès Banque Madagascar, was a member of the team that established Triodos Bank and most recently was the managing director of BHH Associates Ltd.

In total, Philip has over 30 years of experience in banking and microfinance in the UK, Asia and Africa.

Philip said: “I am very excited to be rejoining CivilisedBank at this stage of the bank's development.

“CivilisedBank will cater to the UK SME market in a way that isn't currently offered by the incumbents or online-only banks.

“I'm delighted to be working with the team at such a pivotal time for the bank.”

Under the previous CEO, CivilisedBank was granted authorisation with restriction by the Bank of England.

The branchless digital bank has also agreed terms for a further round of funding from investor Warwick Capital Partners.

Chris Jolly, chairman of CivilisedBank, added: “Warwick Capital Partners [has] been very supportive of CivilisedBank's plans.

“We're pleased that they've taken the opportunity to invest further capital in this funding round.

“We're also delighted that Philip returned to the bank as CEO, pending regulatory approval.

“He has considerable experience of the sector – both with challenger and traditional banks – and it's great to have him at the helm as we move through the build phase.

“We thank Gordon Dow for his commitment and unwavering support over the last two years in helping us fund-raise and secure a banking licence.

“He leaves CivilisedBank with our very best wishes.”