29 April 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Online lender Amicus Financial applies for banking licence

18 October 2016  |  5380 views  |  0 20 pound note

UK online lender Amicus Financial has applied for a banking licence, joining the growing ranks of challenger institutions looking to take on Britain's established banks.

Amicus has hired the former CEO of Sansbury's Bank David Fisher, the ex-head of PwC's financial regulatory practice Alex Shaplan and the one-time head of Investec Paul Stevens, to spearhead its march into traditional financial services territory.

The company has submitted its application to the Financial Conduct Authority and the Prudential Regulatory Authority with the expectation of gaining apporval sometime in 2017. It plans to convert £30m of the debt currently used to fund its lending activities into equity to form the capital base of the bank’s operations upon authorisation

Since its formation in 2009, Amicus has rapidly expanded its specialist lending activities and currently provides short term property loans, SME lending and working capital solutions through its three divisions, Amicus Property Finance, Amicus Commercial Finance and Norton Folgate.

The firm believes the conversion to banking status will enable it to fulfill its long term growth objectives by accessing an alternative and efficient source of funding.

John Jenkins, CEO of Amicus, says: “Applying for a banking licence is an important milestone for Amicus as we continue our growth journey. Becoming a bank will ensure we have the resources to grow, adapt and evolve our proposition in the market over the coming years."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mondo to turn to crowdfunders as part of £15-£20 million funding drive

Mondo to turn to crowdfunders as part of £15-£20 million funding drive

16 August 2016  |  6824 views  |  0 comments | 15 tweets | 14 linkedin
Mondo gains banking licence

Mondo gains banking licence

11 August 2016  |  9794 views  |  0 comments | 20 tweets | 26 linkedin
Starling Bank secures banking license; to launch in January 2017

Starling Bank secures banking license; to launch in January 2017

14 July 2016  |  9687 views  |  1 comments | 18 tweets | 13 linkedin
Meet The Services Family: Britain's new military challenger bank

Meet The Services Family: Britain's new military challenger bank

29 June 2016  |  6251 views  |  5 comments | 7 tweets | 5 linkedin
OakNorth moves core banking backbone to Amazon Web Services cloud

OakNorth moves core banking backbone to Amazon Web Services cloud

26 May 2016  |  7057 views  |  0 comments | 9 tweets | 9 linkedin
Tandem hits crowdfunding target after rocky start; oversubscribes push total to £2 million

Tandem hits crowdfunding target after rocky start; oversubscribes push total to £2 million

19 May 2016  |  9376 views  |  1 comments | 20 tweets | 13 linkedin
Yorkshire and Clydesdale Bank launch digital challenger bank B

Yorkshire and Clydesdale Bank launch digital challenger bank B

03 May 2016  |  15657 views  |  0 comments | 29 tweets | 35 linkedin
Online challenger Masthaven Bank secures banking license

Online challenger Masthaven Bank secures banking license

22 April 2016  |  7540 views  |  1 comments | 12 tweets | 8 linkedin
UK regulators set up unit to help bank startups

UK regulators set up unit to help bank startups

20 January 2016  |  6851 views  |  0 comments | 26 tweets | 15 linkedin
Challenger banks boosted by UK Government

Challenger banks boosted by UK Government

01 December 2015  |  6121 views  |  0 comments | 22 tweets | 10 linkedin
Indian group acquires 40% stake in UK challenger OakNorth

Indian group acquires 40% stake in UK challenger OakNorth

13 November 2015  |  4302 views  |  0 comments | 4 tweets | 3 linkedin
Digital challengers face tough times as consumers cling to branches

Digital challengers face tough times as consumers cling to branches

27 April 2015  |  10493 views  |  7 comments | 40 tweets | 26 linkedin

Related blogs

Create a blog about this story (membership required)
Find out morevisit vasco.com/news/PSD2-compliant-solutionsvisit dh.com

Top topics

Most viewed Most shared
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
7761 views comments | 15 tweets | 36 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7001 views comments | 17 tweets | 16 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6039 views comments | 22 tweets | 21 linkedin
Token raises $15.7 million as PSD2 approachesToken raises $15.7 million as PSD2 approac...
5947 views comments | 20 tweets | 20 linkedin
hands typing furiouslyMobile Technology, Its Importance, Present...
5711 views 0 | 2 tweets | 1 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job