Chetwood Financial lands £150m investment
A newcomer to the UK banking space, Chetwood Financial, is to receive up to £150 million in investment from Elliott Advisors.
As reported earlier by FinTech Futures, Chetwood now also has a banking licence, adding to its existing authorisation for lending business.
The bank plans to launch its first consumer finance product in Q1 2018 – an “innovative” unsecured loan under the LiveLend brand.
Already in beta with its LiveLend loan, Chetwood says it is “a true challenger, given its move away from the typical banking model to a route of manufacturing bespoke products for customer groups who aren’t being served”.
Chetwood will operate on a new, cloud-based technology platform, Yobota. It elaborates: “The platform can house a range of standalone products, from lending to savings and more, which won’t just fit the traditional financial services mould, but enable responsive and dynamic products, not yet seen in the industry.”
Chetwood Financial and Yobota were founded in 2016 by ex-HSBC senior banker Andy Mielczarek and technology strategist Mark Jenkinson.
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