UK challenger bank LQID smoothly starts up
LQID, a new challenger bank based in London, is undergoing regulatory authorisation to become a bank, which is understood to be translated as “in the process of applying” for a banking licence, to serve both consumers and SMEs.
The spokesperson told FinTech Futures that the bank expects to receive a licence with restrictions before the end of the year, when it will start testing its systems.
The new bank, led by CEO Mike Says, aims to “bridge the gap between digital and high street challengers using technology that hasn’t been seen in the UK before”.
With the full licence on the way, the bank will roll out services in 2019.
Its motto is to make life and banking “smoother”, with “simple and straightforward” products, “meaningful” budget tracking, local bank services and customer services.
The bank says it will “use smart technologies to help you build wealth”. It told FinTech Futures it will be “people-first, full-service digital bank that helps consumers and small businesses with their personal finances by providing budgeting tools, personalised notifications, and by providing products that encourage saving”.
According to the spokesperson, the bank will be accessible 24/7 through the app or via LQID advisors accessible through videolink, phone, and secure messaging.
Note the high density of quotation marks in this story.
We were confirmed that Says has been working on the project since January 2017, according to LinkedIn, and has experience as CFO of Harrods Bank (now part of Tandem), and as finance director for Lloyds Bank. He also worked in similar roles at Capital One Bank and Citi.
The bank says it will enable “access to banking through mobile devices with a network of community and digital branches, which cost less to operate”, as well as “allowing anyone to set up a business in minutes”.
“LQID’s approach will be to reach a wider audience than existing challenger banks, beyond early adopters and digital natives. We aim to bring the benefits of new digital technology to a mass market audience and act as a bridge between the physical and digital world.”
LQID is associated to Shop & Finance, as they share members and address.
FinTech Futures spoke with LQID, and we were confirmed that Hubert W E Knapp is also a founder and member of the board.
Want to know who’s who in the challenger bank space in the UK? Our comprehensive list is here.