Digital SME bank CivilisedBank has reapplied for its banking license application to the Bank of England after a technology rebuild and new funding from Warwick Capital Partners.
Though the bank was granted a banking license in May 2017, it was decided to be released earlier this year. During the time the bank completed its build phase, hiring Simon Bateman, formerly of Harrods Bank and Aldemore, as chief information officer to lead the systems to refresh.
Mark Stephens, chief executive officer, CivilisedBank says: “Since our inception, the market has changed significantly and this additional time has also allowed us to develop our proposition further to ensure it meets changing customer requirements. Resubmitting our banking license application is a key step towards a full launch next year.”