Welsh has secured a full UK banking licence, following a £40m ($51m) investment from hedge fund Elliott Management as part of a £150m equity commitment agreed last year. The Chetwood Financial challenger bank offers the LiveLend Reward Loan, which adapts its lending rates according to improvements in a customer’s credit rating, and it plans to introduce a savings product in the coming months. Chetwood aims to differentiate itself from the traditional banking model of “owning customers”, and will focus on customer groups currently under-served by existing financial institutions.
Chetwood Financial has secured a full UK banking licence, following a £40m ($51m) investment from hedge fund Elliott Management as part of a £150m equity commitment agreed last year. The Welsh challenger bank offers the LiveLend Reward Loan, which adapts its lending rates according to improvements in a customer’s credit rating, and it plans to introduce a savings product in the coming months. Chetwood aims to differentiate itself from the traditional banking model of “owning customers”, and will focus on customer groups currently under-served by existing financial institutions.