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Chetwood Financial granted full banking licence

Theo Osborn | 12:20 Monday 7th January 2019

Chetwood Financial has announced that it secured a full banking licence from the PRA in December 2018.

The specialist bank plans to offer a banking model serving distinct customer segments that are currently underserved by the market.

Chetwood has also received £40m of investment from Elliott Advisors (UK) Limited as part of its £150m debt and equity commitment.

The specialist bank is currently testing its first savings product, which it plans to launch early this year.

It recently launched its latest product LiveLend, which grants borrowers better rates as they improve their credit score.

Monthly payments fall as a result of good financial behaviour, with rates cut every three months.

The Wrexham-based bank operates on a cloud-based technology platform called Yobota.

Andy Mielczarek, CEO at Chetwood (pictured above, left), said: “Despite earning our banking licence, we’re not just another ‘challenger bank’.

“Our focus is on identifying market failings and developing specific products that can really make a difference for targeted groups of people.

“We became a bank so that we can deliver products that real customers need.

“Using technology to make people better off is at the heart of what we do – we’ve already proven this with LiveLend, our dynamic loan, and we have really exciting plans to follow that with a range of new, fair and innovative products that serve the needs of our customers.”

Mark Jenkinson, COO at Chetwood (right), added: “At a time when other industries are using technology to advance and innovate, the banking sector is lagging behind.

“By starting from scratch with a new, cloud-based platform, we are able to offer customers something truly different.

“With greater agility and responsiveness, we can build products that adapt to our customer’s lives, making them better off.”

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