CivilisedBank, a UK branchless digital challenger bank, has agreed terms for a further round of funding from current investor Warwick Capital Partners.

The bank, which uses a network of local bankers, has also appointed Philip Acton as CEO to lead the bank through its build phase towards launch in early 2018.

The appointment follows the successful licence application phase under previous CEO Gordon Dow, which culminated in May with the bank being granted Authorisation with Restriction (AWR) by the Bank of England.

Warwick Capital Partners, a London-based investment manager, has provided the majority of the funding for the build phase and has taken up the opportunity to add further investment in the latest round of fundraising.

Philip Acton has worked in banking and microfinance in the UK, Asia and Africa for more than 30 years. He was also a member of the founding team of CivilisedBank. He began his career in retail banking with HSBC Bank in London and worked in Hong Kong and Brunei.

Chris Jolly, chairman of CivilisedBank, said: “Warwick Capital Partners have been very supportive of CivilisedBank’s plans. We’re pleased that they’ve taken the opportunity to invest further capital in this funding round. It is a great vote of confidence in our growth prospects.”

Philip Acton, chief executive officer of CivilisedBank, added: “I am very excited to be rejoining CivilisedBank at this stage of the bank’s development. As a new branchless, digital bank, we aim to reinvent traditional banking for businesses through a network of Local Bankers working in their communities and underpinned by the latest online technology.”

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