Amicus Financial, an online lender that has lent nearly £1 billion, has applied for a banking licence, hoping to secure it in 2017.
The company, founded in 2009, is hoping to enter an increasingly popular challenger bank market that includes Atom, Starling and Tandem banks by applying for a banking licence.
John Jenkins, CEO of Amicus, says: “Applying for a banking licence is an important milestone for Amicus as we continue our growth journey. Becoming a bank will ensure we have the resources to grow, adapt and evolve our proposition in the market over the coming years.”
He added that the company has been in talks with the Prudential Regulation Authority and Financial Conduct Authority for over a year. While the company is currently focused on short-term loans, SME lending and working capital solutions, the appeal of a banking licence and the accounts and ISA products that come with it is very great.
The firm is planning to convert £30m of debt into equity, which will be used as capital for its banking operations once they receive the licence.
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