Britain’s newest challenger business bank for SMEs launched
A new challenger business bank for small and medium-sized businesses has launched in Britain.
Initially, Redwood Bank will focus on providing alternative lending services to SMEs in Hertfordshire, Bedfordshire, and Buckinghamshire. It will be Britain’s first challenger business bank with 100 per cent cloud-based infrastructure.
Redwood Bank’s headquarters are in Letchworth, with the bank also providing support for SMEs in at its Warrington & North West regional office.
The bank is owned by Redwood Financial Partners Ltd, of which Warrington Borough Council is a shareholder. As part of the council’s 33 per cent stake in the company, its executive board has approved a £30 million investment in the bank.
The bank will provide a number of business banking services nationwide. These include personalised services like SME mortgages for business owners, tailored lending products for property investors, and a business savings account.
Gary Wilkinson, a chartered accountant who has worked in the banking and building society sectors for 30 yearswill manage the day-to-day running of the bank.
Commenting on the launch of the bank, Wilkinson said: “We are delighted to be open for business.
We aim to offer a real alternative for small and medium sized organisations. We will provide them simple transparent loans and savings accounts, great service, and a promise that our money is being invested into British businesses and local communities.”