U.K. challenger bank CivilisedBank forfeited its banking license earlier this year with plans to shift its focus to underlying infrastructure and technology. Now, the company has announced it has resubmitted an application for a banking license once again.
Reports in SpecialistBanking on Wednesday (Nov. 15) said CivilisedBank is hoping to launch its banking services in the first half of 2019 after developing its technology. As part of its plan, the company has resubmitted its banking license to regulators, according to CEO Mark Stephens.
“It was really important that we took the time earlier this year to make sure that when we come to market, it is with the optimal offering to customers,” Stephens said in a statement. “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 license application is a key step toward a full launch next year,” he added.
In addition to resubmitting its banking license application, CivilisedBank also announced new funding from Warwick Capital Partners, its main shareholder. The amount provided was not disclosed.
“CivilisedBank will enter the banking sector with a truly different offering to [SMBs], and the care and consideration taken to ensure that the proposition is fully in line with market developments makes it an incredibly exciting opportunity,” said Warwick’s Co-chief Investment Officer and Founding Partner Ian Burgess in a statement.
Reports noted that the challenger bank announced earlier this month that Nick Baker would join the firm as head of intermediaries.
Warwick supported CivilisedBank’s board when it decided to release its banking license last April and reapply at another date. The company plans to provide small and medium-sized businesses with a range of financial services, with a focus on digital services paired with a local banker in major cities and towns.