CivilisedBank has resubmitted its banking licence application to the Bank of England.

The FinTech startup, which offers digital business banking services and advice from banking experts to SMEs has also announced further funding from main shareholder Warwick Capital Partners along with investment from a FTSE100 pension fund.

CivilisedBank had been granted its original banking licence in May 2017 but chose to release it this year to allow for completion of its build phase and ensure that it launched with an optimal customer offering.

With its resubmission awaiting confirmation, CivilisedBank is now expecting to launch its banking operations in the first half of 2019.

Once its licence is granted, it hopes to provide its SME customers with working capital solutions and cash management including loans, asset finance, savings and payment services.

Mark Stephens, chief executive at CivilisedBank, said resubmitting the company’s banking licence was a key step towards a full launch in the coming year.

“It was really important that we took the time earlier this year to make sure that, when we come to market, it is with the optimal offering to customers.

“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.”

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