Putative digital SME bank CivilisedBank has resubmitted its banking licence application to the Bank of England on the back of a technology rebuild and new funding from Warwick Capital Partners.
CivilisedBank was granted a banking licence in May 2017, but chose to release it earlier this year to allow more time to complete its build phase, hiring Simon Bateman, formerly of Harrods Bank and Aldemore, as chief information officer to lead the systems refresh.
A new investor, an unnamed blue-chip, FTSE100 pension fund, is providing working capital for the re-development alongside further funding from Warwick, CivilisedBank’s main shareholder.
Mark Stephens, chief executive officer, CivilisedBank says: “Since our inception, the market has changed significantly and this additional time has also allowed us to develop our proposition further to ensure it meets changing customer requirements. Resubmitting our banking licence application is a key step towards a full launch next year."
Focused on the UK SME market and funded by retail savings, CivilisedBank will aim to serve businesses through savings and loans, transaction banking, overdrafts, current accounts with deposits and foreign exchange.
The new bank will not have branches but will operate through a network of 'Local Bankers' that will work to build up one-to-one relationships with SMEs.
With a new licence application pending, the bank is now preparing for launch in H1 2019.