By Latest Finextra Research Start-ups Headlines
New challenger SilverRock Bank has been granted banking authorisation with restrictions by the Prudential Regulation Authority following the completion of a £50m funding round.
The startup intends to specialise in forward flow financing and portfolio acquisitions, catering to non-bank and specialist lenders, as well as building societies.
The investment return will in turn be used to deliver attractive savings rates over time, complementing the lending services.
Alan Jarman, CEO of SilverRock, comments: “This is the first time that a bank has been established in the UK to focus support on non-bank and other lenders. This is already a £250 billion+ market which has the potential for significant expansion as the sector responds to new and emerging customer needs.
“Our focus is on ensuring the borrowing needs of SMEs and consumers in non-standard credit markets can be met. That approach will in turn support and facilitate innovation amongst lenders, enabling them to better respond to the challenges and opportunities in the UK market.”
The capital raise will see SilverRock through its mobilisation and – subject to further regulatory approvals – its full launch phases, with current growth plans projecting a target balance sheet of £3 billion by 2029. Lending is scheduled to start later this year.
Source: Latest Finextra Research Start-ups Headlines