Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

UK’s CivilisedBank gets banking licence

UK-based digital bank CivilisedBank has secured a banking licence from the Bank of England, which will enable to develop infrastructure and serve customers in early 2018.

The new branchless digital bank is planning to focus more on the small and medium-sized enterprises (SMEs) in the UK.

Funded by retail savings, the bank will provide businesses with savings and loans and transaction banking services.

The bank will also offer overdrafts and current accounts with deposits and foreign exchange for the customers.

The new relationship banking service will help SME market to avoid the risks associated with the incumbents or online-only banks.

In addition the new branchless digital bank with a local banker network will provide a range of savings products for the UK retail market

According to CivilisedBank, the branchless local banker network will enable to build one-to-one relationships with SMEs and without the high client volume per banker or the traditional costs associated with traditional high street banks.

CivilisedBank chairman Chris Jolly said: “We are reinventing traditional banking for businesses by bringing back one-to-one relationship banking to SMEs, enabled by the very latest technology – both online and mobile.

“We want to return to a civilised way of banking with personal service backed by effective technology without any legacy issues. CivilisedBank represents a cultural innovation in banking and a genuinely new approach in the UK market.”

CivilisedBank CEO Gordon Dow said: “Our customers will benefit from an innovative, yet secure digital platform, as well as being able to build an open and transparent relationship with a Local Banker. We will be partners with our customers, supporting and helping them grow their businesses.”

CivilisedBank is managed by a team of experts who served the UK financial services industry. They are from different organizations such as Santander, Handelsbanken, RBS, HSBC, Societe Generale, Barclays, Lloyds and Bank of Scotland


Image: The Bank of England building, London, UK. Photo: courtesy of Diliff.