StreamBank secures full banking licence

StreamBank — the firm born out of the bridging loan business conducted by ActivTrades — has been granted its full UK banking licence from the PRA and FCA.

The firm aims to serve the specialist property market with a range of short- to medium-term funding solutions — including bridging and development finance, and commercial mortgages.

It will provide loans between £250,000 and £5m to support property developers, SME businesses, individuals, and housebuilders.

It will also offer a suite of deposit products, which will be protected by the FSCS up to £85,000 per depositor, per bank (£170,000 for joint accounts).

In addition to its specialist finance proposition, the bank will have a range of saving products available via its saving platform, which can be opened and funded digitally.

According to its CEO, Steve Pateman, StreamBank will soon be launching a one-year fixed-term bond for customers wishing to deposit between £1,000 and £100,000.

Alex Pusco, founder and sole shareholder of StreamBank (pictured above), said the team was delighted to officially launch the business.

Over the last few years, the team have worked incredibly hard to build a fully licenced bank from the ground up, and to achieve today’s milestone is an incredibly proud moment for me and everyone involved in StreamBank. 

“Although our model and product set are nothing new to the banking market, I’m absolutely confident that the StreamBank experience and our approach to finding a solution for customers will be what sets us apart.”

John Reed, chair at StreamBank, added: “Since the submission of our banking application in July 2021, I have been impressed by the smooth process we have navigated to get us to the point of securing our full banking licence.

“I would like to thank both the PRA and FCA today for their guidance and support, and to the management team for all their hard work in getting us to where we are today.”

Steve stated: “The specialist lending sector is now well established and, while [it is] competitive with many strong market participants, there are opportunities for new banks that can respond quickly, with a hands-on and common-sense approach, finding innovative solutions to meet the needs of many property investors.

“Whether it be a bridging facility to support a house move, development finance, or a longer-term commercial mortgage, our aim is to find a solution that works for the customer, regardless of the complexity of the case.

“Being a small bank means that we have short lines of communication and decisions can be made as needed; we combine technology with practical experience and our approach is ‘can do’ in philosophy and practice.”

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