Orchard Funding Group PLC is hopeful of securing a bank licence by the end of 2018, according to its CEO.
Ravi Takhar, CEO at Orchard Funding Group, said: "We have continued to increase our lending and impact in our market.
“Despite aggressive competition from the leading market players, we are pleased to have maintained healthy margins in our core markets.
“We move into our new financial year with great confidence and fully expect to continue our growth trajectory.
“The banking application process is going according to plan and we remain hopeful of receiving the bank licence by the end of this calendar year."
In July, the finance company announced it had submitted an application for a bank licence to ensure it was no longer wholly reliant on third-party banks.
It also hopes the licence will help to reduce its cost of funds and enable it to increase its lending in its target markets.
In its trading update for the year ended 31st July 2018, it also announced an 8.49% year-on-year increase in lending.
Its loan book also increased from £28.42m to £30.95m in the same period.
The group intends to announce its final results for the year ended 31st July 2018 on 13th November 2018.
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