The partnership has seen customers and colleagues at the challenger bank use an IT system which has been completely internet based from the moment it was launched in August 2017.

The announcement was made at an event held in central London, where IT experts involved in the project were in attendance.

The challenger bank's leadership team explained how they used secure, cloud-based technology and hand-picked expert partners to create and launch Redwood Bank in less than six months after it received its initial banking licence.

“We are very proud that Redwood Bank was not only 'born in the cloud', but also achieved one of the fastest 'licence-to-launches' in UK banking history,” said Gary Wilkinson, CEO and co-founder at Redwood Bank (pictured above, centre).

“Microsoft and our other expert partners have given us access to a secure, powerful digital infrastructure, which would not be feasible to build in-house.”

Redwood Bank celebrated the collaboration by publishing its blueprint for creating such a bank, a white paper called 'Redwood Bank: Born in the Cloud'.

Gary continued: “Our strapline at Redwood Bank is 'It's about time' and we're certainly proud of what our technology platform has helped us to achieve in such a short amount of time.

“We think it's about time that a bank invested in security, speed and simplicity to the benefit of the customer experience, and that's exactly what we delivered.

“We wanted to share this achievement and that's why we've published our 'Redwood Bank: Born in the Cloud' white paper.”

Also pictured (l-r): Richard Peers, director of global financial services at Microsoft; Mark Hammond, sales and marketing director at DPR; Andrew Hall, sales and marketing director at CSI; Michael Harriman, IT director at Redwood Bank.