New corporate challenger bank seeking to launch in the UK
A new challenger is coming to the burgeoning UK banking market – Copernicus Bank.
It is founded and backed by Danela Ventures Partners Limited, a London-based advisory firm set up in 2010 by Aidan Brady and Michael Rossman.
Danela Ventures Partners “focuses on financial services innovation”, according to Brady’s LinkedIn profile. It is “currently building a new UK corporate banking platform”.
Banking Technology understands that Brady refers to Copernicus Bank, which, according to venture partner Rossman, is “the first of a kind corporate safe bank”.
According to Rossman’s LinkedIn profile, Copernicus Bank “will run an open ledger/balance sheet available daily and not engage in deposit-based maturity/risk transformation”.
The project has been in the making since 2012, Banking Technology understands.
Brady is currently CEO of the UK Municipal Bonds Agency, a public limited company owned by local councils and the Local Government Association. The agency assists local councils in financing their investment in projects (e.g. infrastructure and housing).
Brady joined the UK Municipal Bonds Agency in 2014. Prior to that he had a brief stint at UBS as interim COO, risk and control IT. Earlier, he spent 16 years at Deutsche Bank in various senior management roles, including as COO of the bank’s UK operations.
Who’s who on the UK’s bustling challenger bank scene and what are they up to? Click here to find out.