Britain’s newest business bank for SMEs has launched four months after securing its initial banking licence.
Redwood Bank has announced that just over four months after securing its initial banking licence, it has completed its “Mobilisation” phase and has now opened for business
Its speed to market is the result of a combination of factors, including having a very experienced management team and the fact that it’s the first business bank with 100% cloud- based infrastructure.
The bank has a unique ownership. It is wholly-owned by Redwood Financial Partners Ltd, a company controlled by Jonathan and David Rowland, in which Warrington Borough Council has a 33% stake.
As part of this, the council’s executive board has approved an investment of £30m in Redwood as part of the bank’s capital funding.
Gary Wilkinson, co-Founder and chief executive, said: "We are delighted to be open for business so soon following the issuing of our initial banking licence.
“We aim to offer a real alternative for small and medium sized organisations, providing them with simple transparent loans and savings accounts, great service and a promise that our money is being invested into British businesses and our local communities.
“As many traditional banks are hampered by poor lending practices from their past and their legacy systems, we are perfectly positioned to help British SMEs take advantage of property opportunities by offering a highly-tailored service for clients that is built around our very experienced regional managers."
Redwood Bank is headquartered in Letchworth and its main focus will initially be Hertfordshire, Bedfordshire and Buckinghamshire as well as in Warrington, where Redwood has also opened a Warrington & North West regional office to support SME growth in the town and region.