CivilisedBank has resubmitted its banking licence application to the Bank of England.
The digital SME bank received its banking licence in May 2017, but decided to release it in May 2018 to allow it more time to complete its build phase and ensure that it launched with an optimal customer offering.
The bank used this period to develop its technology platform further.
CivilisedBank is now preparing to launch in H1 2019.
In addition, the bank has received further funding from current investor Warwick Capital Partners.
A new investor – a blue-chip, FTSE100 pension fund – has also provided funding for CivilisedBank’s development.
“It was really important that we took the time earlier this year to make sure that when we come to market it is with the optimal offering to customers,” said Mark Stephens, CEO at CivilisedBank (pictured above).
“Since our inception, the market has changed significantly and this additional time has also allowed us to develop our proposition further to ensure it meets changing customer requirements.
“Resubmitting our banking licence application is a key step towards a full launch next year.
“That Warwick has chosen to invest further – and that a new investor has chosen to provide funding at this stage – demonstrates that our proposition resonates and confirms that we are on the right track towards providing something genuinely new within the SME banking market.”
Ian Burgess, co-chief investment officer and founding partner at Warwick Capital Partners, added: “CivilisedBank will enter the banking sector with a truly different offering to SMEs, and the care and consideration taken to ensure that the proposition is fully in line with market developments makes it an incredibly exciting opportunity.
“We are delighted to be supporting the team on the next stage of the journey.”
Earlier this month, CivilisedBank named Nick Baker as its new head of intermediaries, who will focus on leading the development and execution of the bank’s introducer strategy.
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