CivilisedBank, a new UK-wide business and retailer challenger bank led by a team of experienced financial services executives, has secured initial stage funding ahead of an anticipated launch later this year.
The new bank will not have branches but will operate through a network of 'Local Bankers', initially targeting owner-managers of medium-sized UK businesses by offering business current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings and loans.
The bank will use the Profile core banking platform FMS.next to run the business, which also plans to address the UK mass retail market with specific savings and investment products.
Chris Jolly, chairman, CivilisedBank and a former MD with Merril Lynch, says: “CivilisedBank will be at the forefront of a new generation of 21st Century banks which are fair, transparent and responsible. We are pioneering a next generation model of customer-facing, technology-driven banking in the UK. Our local bankers will be responsive to the banking and financial needs of businesses in their communities based on one-to-one relationships with their customers. After years of turmoil, we believe that the UK deserves a more Civilised approach to banking.”
Alongside Jolly, CivilisedBank will be led by a team with a proven track record in the UK financial services industry - and specific experience in the launch of new banking businesses - including CEO Gordon Dow, CFO Will Banks, Hazel Hellier as chief business development officer and Fiona Brownsell as project manager and regulatory lead.
Jolly says the pre-application phase for a banking licence has begun with a full launch planned for the later part of this year. Details of the funding have not been disclosed.