Blue-chip FTSE100 pension fund and Warwick Capital Partners provide funding for the next stage of the Bank’s development.
CivilisedBank (‘the Bank’), the digital SME bank with relationship managers, has resubmitted its banking licence application to the Bank of England. The Bank has also received further funding from current investor Warwick Capital Partners (‘Warwick’), a London-based investment manager, as well as from a blue-chip, FTSE100 pension fund.
CivilisedBank was granted a banking licence in May 2017 and chose to release it earlier this year to allow more time to complete its build phase and ensure that it launched with an optimal customer offering. The Bank has used this time to develop its technology platform further and, by resubmitting its banking licence application, is now preparing for launch in H1 2019.
A new investor, a blue-chip, FTSE100 pension fund, has chosen to provide funding for the Bank’s development alongside further funding from Warwick, CivilisedBank’s main shareholder. This continued investment will further support the Bank’s path towards launch.
CivilisedBank is building a digital SME bank which, when launched in 2019, will offer business customers access to experienced banking experts, finance solutions and effortless digital banking that make their business lives easier.