Chetwood Financial gets full UK banking licence

Tuesday 8 January 2019 13:50 CET | News

Chetwood Financial has acquired a full banking licence from the UK’s Prudential Regulation Authority (PRA).

This follows a GBP 40 million investment from Elliott Advisors as part of a GBP 150 million debt and equity commitment made in early 2018.

The bank claims to differ from the traditional banking model of “owning customers” and cross selling products, focusing instead on serving distinct customer segments that are currently underserved by the market, with products designed specifically for their needs.

This news comes with Chetwood’s latest consumer lending product, LiveLend Reward Loan – “the dynamic loan”, which adapts the lending rates as the consumer’s lending score improves. For every 25 points of improvement in credit score, 2% is shaved off the rate.

The bank has been developing and testing its first savings product, which will launch in early 2019.

Chetwood Financial is featured in our UK challenger bank list.

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Keywords: Chetwood Financial, banking, innovation, lending, Prudential Regulation Authority, UK
Countries: World

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