Redwood Bank opens for business
Written by Chris Lemmon
Redwood Bank, a business bank for SMEs in the UK, has announced that it is officially open for business, just four months after securing its banking licence.
The bank stated that it has completed its ’mobilisation‘ phase, now offering secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It has also launched a business deposit account.
Redwood is the first business bank with 100 per cent cloud-based infrastructure, which aims to improve efficiency as well as security.
Gary Wilkinson, co-founder and chief executive of Redwood Bank, said: “We are delighted to be open for business so soon following the issuing of our initial banking licence. We aim to offer a real alternative for small and medium sized organisations, providing them with simple transparent loans and savings accounts, great service and a promise that our money is being invested into British businesses and our local communities.
“As many traditional banks are hampered by poor lending practices from their past and their legacy systems, we are perfectly positioned to help British SMEs take advantage of property opportunities by offering a highly-tailored service for clients that is built around our very experienced regional managers.”