Challenger bank reaches £250m lending milestone

Gary Wilkinson

A challenger bank is celebrating reaching a “momentous milestone” having now lent more than £250m to its customers in just less than three years.

Warrington-based Redwood Bank has continued to lend money over the course of the COVID-19 pandemic, helping a number of small- and medium-sized enterprises (SMEs).

The bank has loaned nearly £100m since the start of the year, around £60m of which has been since lockdown began on March 23.

Having launched at the end of August 2017, the bank has reached the landmark figure of £250m, just weeks before it celebrates its third birthday.

Gary Wilkinson, chief executive and co-founder, said: “We’re completely committed to, wherever possible, helping businesses grow, refinance and diversify, particularly as many are now having to deal with the consequences of COVID-19, and our figures speak for themselves.

“Reaching this momentous milestone in just under three years shows that we have had, and still have, a strong appetite to lend.”

Redwood Bank was famously the first UK challenger business bank to be completely ‘born in the cloud’ and when lockdown was announced its robust systems meant all its staff could work from home, seamlessly.

Gary said: “As lockdown measures continue to ease, now is the time for SMEs to start getting back on their feet, and we’re here, ready and waiting to support them.”

As well as the lending milestone, Redwood Bank is also applauding the fact that its business customers have also chosen to save around £350m with them since it opened.

No employee was furloughed during lockdown, as each and every member of the team was needed to deal with strong customer demand.

Redwood has continued to hire, with 10 new employees having started during the COVID period, one due to start shortly and 14 new roles currently being recruited.