UK-based challenger bank Redwood has reportedly surpassed £100 million in lending. As previously reported, Redwood is considered one of the newest additions to the future of banking, joining peers such as Monzo, Starling, Revolut and more. Redwood is on a mission to target the SME market and its products include mortgages for business owners and professional landlords, as well as a range of savings accounts.
“It’s about time the UK had a bank that genuinely wanted to help small and medium sized businesses grow, giving them access to fast, transparent and personal decisions on property lending and savings. That is why our talented, highly experienced team are using the latest technology and why Redwood Bank, the UK’s newest business bank.”
Speaking about the milestone, Gary Wilkinson, CEO and Co-Founder of Redwood, reportedly stated:
“Reaching the £100m milestone is a fantastic achievement, particularly as we’ve only been trading for 19 months. We’re delighted to have achieved this momentous goal and we plan to continue working hard to support small and medium sized businesses, helping them grow, refinance and diversify.”
“We’re proud to have attracted this much business, within our competitive industry, attracting new customers despite opening our doors amid all the Brexit upheaval. The outcome of Britain exiting Europe is still uncertain, but that hasn’t stopped our customers from putting their trust and faith into our Bank. Word has got out that our first-class service and consistently high customer satisfaction is second to none, and that’s why we’re thriving.”
Redwood is also seeking to offer British businesses fast, simple, transparent loans and savings accounts, coupled with superlative service.