CivilisedBank, UK-based challenger business bank with a Local Banker network, announced on Friday it will release its current banking license to give more time to develop its technology platform before reapplying for a new license According to the bank, the PRA and the FCA are aware and the decision is fully supported by its main shareholder, Warwick Capital Partners (Warwick).
CivilisedBank reported it banking license in May 2017 and its decision to release the license allows more time to complete the build phase of the platform, which will deliver the technology and operations to launch an optimal customer offering, Local Banker services, and banking products to UK businesses and online savings to retail savers. Chris Jolly, Non-Executive Chairman, CivilisedBank stated:
“The Board, with the support of our main shareholder Warwick, has decided to reapply for a banking license rather than try to rush through our current IT development phase. For us, it is essential that we can deliver an optimal customer offering, so we prefer to delay this stage of our development and have more time to get it right.”
Warwick has notably provided the majority of the funding for the build phase to date and recently taken up the opportunity to invest in the latest round of fundraising. Ian Burgess, Co-Chief Investment Officer and Founding Partner, Warwick Capital Partners also commented:
“We are fully supportive of the management team’s decision to extend the IT build phase with the subsequent impact on its banking license. With the latest technology platform, CivilisedBank will stand out as a specialist bank offering a peerless banking service to the SME market designed to enable relationship banking and taking speedy credit decisions.”
CivilisedBank then added it aims to reinvent traditional banking for businesses through a network of Local Bankers working in their communities and underpinned by the latest online technology. The bank will serve businesses through savings and loans, transaction banking, current accounts with deposits, overdrafts and foreign exchange.
