Chetwood Financial gets full UK banking licence and new cash
Chetwood Financial has acquired a full banking licence from the UK’s Prudential Regulation Authority (PRA), following a £40 million investment from Elliott Advisors as part of a £150 million debt and equity commitment made in early 2018.
Wales represents.
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.
Its CEO, Andy Mielczarek, says: “Our focus is on identifying market failings and developing specific products that can really make a difference for targeted groups of people.”
He adds: “Using technology to make people better off is at the heart of what we do – we’ve already proven this with LiveLend, our dynamic loan, and we have really exciting plans to follow that with a range of new, fair and innovative products that serve the needs of our customers.”
This news come 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 is based in Wrexham (Wales) and claims to operate at much lower costs, and was founded in 2016 by ex-HSBC senior banker Andy Mielczarek and Mark Jenkinson. Chetwood operates on cloud-based technology platform Yobota.
The bank has also been developing and testing its first savings product, which will launch in early 2019.
Chetwood Financial is featured in our UK challenger bank list.
