Financial services provider Chetwood Financial has reportedly received a full UK banking licence.
This comes alongside a £40m investment from fund manager Elliot Advisors, according to a number of reports in the media. The capital injection is part of a wider £150m investment into the FinTech company which was deployed last year to support the development of products and lending capabilities.
After receiving the full license, the company is hoping to release a range of new solutions, such as saving accounts, mortgages, and revolving credit, reports state. To stand out from the crowd, Chetwood designs stand-alone products which offer a ‘better deal and experience for specific groups of customers.’
Chetwood previously received banking licence approvals from the UK’s Prudential Regulation Authority and Financial Conduct Authority last year. Following this, the company began its lending operations through its LiveLend solution.
Late last year, the company then received the approval to take deposits, an article from the Financial Times stated.
Chetwood designs a range of digital banking products which leverage personal data and active triggers. The company builds products specifically for customer segments as opposed to a single solution for an entire market.
Last year, Chetwood signed a deal with Arctick for the deployment of its governance risk and compliance (GRC) solution. Chetwood implemented the GRC solution in order to meet compliance requirements around lending and savings.
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