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Challenger banks

  • Culture clash: Why banks need to rid themselves of culture-by-consultancy

    GUEST ESSAY

    Retail and investment banks are under scrutiny like never before - and culture is on the frontline, argues City lawyer Barnabas Reynolds

  • Cashplus looks to shrug off rival challenger banks after delivering £5m profit

    Challenger banks

    Cashplus, which secured a banking licence in 2021, delivered a post-tax profit of £5.5m on the back of record revenue, which rose 28 per cent year-on-year to £52m.

  • Clearbank ups profit and eyes US expansion – but it has no plans for an IPO

    Finance

    Clearbank today reported a pretax profit of £5.9m for the first half of the year as it said it was eyeing an expansion into the US. Revenue more than doubled compared to the same period last year, reaching nearly £50m, while deposits increased 80 per cent to hit £5.4bn, the firm said. Clearbank said its [...]

  • More fintechs secure UK banking licences as Revolut struggles to get approval

    September 7, 2023

    Two new challengers succeeded in securing banking licences from regulators today, raising more question marks for Revolut as it struggles to get approval from the City watchdogs.

  • Exclusive: Bank of London crowned fastest-growing challenger amassing £300m since getting licence

    August 31, 2023

    The Bank of London has amassed £300m in deposits within six months of taking client money, making it comfortably the UK’s fastest growing SME-focused challenger.  Chief executive Anthony Watson said that the bank has been “inundated with demand” since exiting its regulatory restrictions in February this year.  Businesses in Britain have been “under-served by both [...]

  • Challenger Cynergy Bank secures £20m funding boost

    August 21, 2023

    Challenger bank Cynergy Bank has secured a £20m Tier 2 investment from British Business Investments in a boost for its expansion plans.   The funding will go towards supporting Cynergy Bank’s growth plans, which include delivering over £250m of new lending across the SME and property sectors.  The challenger bank was formerly a part of the [...]

  • UK’s newest bank Griffin secures £11m in funding round as it plots expansion

    June 7, 2023

    Griffin, the UK’s newest bank, has gathered £11m in a fundraising round just a few months after it secured its banking licence.  The funding round was led by venture capital firm Mass Mutual Ventures, with existing investors Seedcamp and EQT Ventures participating in the fundraise.  Griffin said the funds will go towards leaving the ‘mobilisation’ [...]

  • Challenger banks hunt for acquisitions as rising interest rates reveal opportunities

    June 7, 2023

    Challenger banks are increasingly on the lookout for acquisition opportunities as rising interest rates reveal takeover opportunities in the sector.  Nigel Terrington, chief executive of Paragon Bank, told City A.M. that they “continue to look for opportunities” having made four acquisitions in seven years. Terrington noted that “in environments like this, some lenders are not [...]

  • Why have UK banks been insulated from US panic? Regulation, regulation, regulation

    March 24, 2023

    Regional lenders in the US have been in the spotlight since the collapse of Silicon Valley Bank (SVB) with investors concerned they might be at risk from an avalanche of deposit flights.  Since the collapse of SVB and Signature, shares in the US KBW regional banks index have fallen over 10 per cent. In the [...]

  • Small businesses risk running out of cash after post Brexit banking rules rollout

    February 16, 2023

    New banking regulations could increase the cost of small business lending by around a third and “fundamentally change” the market as debate around the implementation of international banking rules in the UK intensifies.  Regulators in the UK are scrutinising the latest round of Basel regulations, the global regulatory overhaul prompted by the financial crisis.  Concerns [...]

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