Investment company acquires challenger bank shares ahead of launch
By Tom BelgerForbes Ventures has acquired shares in a company which has applied to become a challenger bank
Section: mobile apps categories
The investment company announced it had purchased 4,545 ordinary shares, representing a 0.84% interest in Civilised Investments Limited for a consideration of £200,000.
Civilised Investments Limited applied for a UK banking licence in June 2016 and will change its name to CivilisedBank once authorised.
CivilisedBank hopes to launch in early 2017 and is currently developing its technology and operations platform as well as focusing on meeting its regulatory capital requirements.
The aspiring bank aims to utilise technology to provide savings to retail customers and enable branchless local bankers who will provide loans and current accounts to SMEs.
Forbes Ventures specialises in areas including health and social care, leisure and hospitality, and finance – in particular, challenger companies looking to disrupt the sector.
In October, CivilisedBank announced the appointment of Patrice McDonald to its board while its chairman is Chris Jolly, former managing director of Merrill Lynch.
Keywords: Civilised Bank, Chris Jolly, Forbes Ventures, Challenger Bank, Patrice McDonald, Challenger bank investment, SME lending, SME Bank, SME finance