Chetwood Financial secures full banking licence approval
Chetwood Financial has secured a full banking licence from the Prudential Regulation Authority (PRA) – the only retail bank to do so in 2018. The approval follows the launch of our LiveLend Reward Loan, a world’s first that grants our customers better rates as they improve their credit score, so their monthly payments fall as a result of good financial behaviour. Before the launch of this dynamic loan, we’d lent millions to customers with LiveLend standard loans since its launch in February 2018 and we’ve been developing our first savings product which will launch in 2019.
Chetwood CEO, Andy Mielczarek said: “Despite earning our banking licence, we’re not just another “challenger bank”. Our focus is on identifying market failings and developing specific products that can really make a difference for targeted groups of people. We became a bank so that we can deliver products that real customers need.”
Read more about our exciting news and plans for the future in the articles below.
The Times: Elliott-backed bank Chetwood targets UK customers
Retail Banker: Chetwood Financial obtains UK banking licence
Fintech Futures: Chetwood Financial gets full UK banking licence and new cash