Civilised Bank banking licence application is being resubmitted to the Bank of England.
The digital SME bank also announced further funding from its current investor, Warwick Capital Partners.
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The Bank of England granted Civilised Bank its banking licence in May 2017. Unfortunately the bank released its banking licence earlier this year.
The bank was unable to build the sufficient IT infrastructure in time for its launch. Civilised Bank did highlight that this would only be temporary. It seems now it is ready to fully launch with the best technology platform in place.
It also aims to provide a seamless customer offering, enhancing its services and products for its users.
The bank intends to build a relationship-focused business banking operation following the model of Sweden’s Handelsbanken.
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By GlobalData
Civilised Bank banking licence ready with upgraded platform
The bank is aiming to launch early 2019.
Along with Warwick Capital Partners, a new investor is funding the bank.
A blue-chip, FTSE100 pension fund is providing funding for Civilised Bank’s development. The bank has noted that this continued funding support will significantly help with its journey towards the launch.
Furthermore, with the approval from the Bank of England, the bank can offer business customers access to experienced banking experts, finance solutions and effortless digital banking that will make their business lives easier.
CEO of Civilised Bank, Mark Stephens, said: “It was really important that we took the time earlier this year to make sure that, when we come to market, it is with the optimal offering to customers. Since our inception, the market has changed significantly and this additional time has also allowed us to develop our proposition further to ensure it meets changing customer requirements. Resubmitting our banking licence application is a key step towards a full launch next year.
“That Warwick has chosen to invest further, and that a new investor has chosen to provide funding at this stage, demonstrates that our proposition resonates and confirms that we are on the right track towards providing something genuinely new within the SME banking market.”
