Business is booming for Letchworth based Redwood Bank as today it celebrates and reflects on its first year as a business bank.
Redwood Bank became Britain’s newest challenger bank for small to medium sized businesses following its launch in August last year and has welcomed over 1,000 business customers in its first year.
Chief Executive Officer and co-founder of Redwood Bank, Gary Wilkinson, said: “We have had a brilliant first year in business. We’re proud to have brought much-needed competition to the business mortgages market, lending around £50m to small and medium sized British businesses since we launched, helping them grow, refinance or diversify. We lend across Britain but focus on the regions in which we are based, with more than half of our business loans being drawn in our regional heartlands of the North West and the Home Counties/East of England.
“We’ve funded our business loans with business deposits, by offering leading savings accounts for businesses and charities across the UK, approaching £60m of deposits during our first year.
The Bank has won several awards, including winning the Banking Launch of the Year. It became the first bank to be 100 per cent ‘born in the cloud’ following a collaboration with Microsoft. Since its inception, Redwood Bank has focused heavily on technology, people and service. Its team are passionate about supporting British businesses, helping them navigate the ever-changing financial and business landscape by offering secured, individually assessed loans and simple, rewarding savings accounts.
Gary Wilkinson added: “Our mission is to genuinely make a difference to our business customers by offering great service, simple accounts and by making fast, common sense decisions.
“A strong team culture sits at the heart of the Bank and we’re proud of the whole team, all of whom have played huge roles throughout our growth.Our first year has been very successful and, to everyone who has both helped us and joined us on our journey, a big thank you.”
Redwood Bank was launched with a view to offering a real alternative for small and medium-sized businesses. The Bank’s products include individually-assessed mortgages for business owners and professional landlords, as well as a range of leading savings accounts, which is offered to charities, clubs and associations as well as businesses.