WARRINGTON based Challenger Bank, Redwood Bank, is celebrating after a £100m lending milestone in just 19 months.
Having launched in August 2017, Redwood Bank has reached this landmark figure just five months ahead of its second anniversary.
Gary Wilkinson, Chief Executive Officer (CEO) and Co-Founder of Redwood, said: “Reaching the £100m milestone is a fantastic achievement, particularly as we’ve only been trading for 19 months. We’re delighted to have achieved this momentous goal and we plan to continue working hard to support small and medium sized businesses, helping them grow, refinance and diversify.
“We’re proud to have attracted this much business, within our competitive industry, attracting new customers despite opening our doors amid all the Brexit upheaval.
“The outcome of Britain exiting Europe is still uncertain, but that hasn’t stopped our customers from putting their trust and faith into our Bank. Word has got out that our first-class service and consistently high customer satisfaction is second to none, and that’s why we’re thriving.”
Redwood is an ambitious business bank, which has developed to offer a real alternative for small and medium sized organisations looking to make sure their properties and cash work harder for them.
It provides individually assessed mortgages for business owners and professional landlords, as well as a range of Best Buy savings accounts, which are offered to charities, clubs and associations, as well as businesses.
Since its inception, the Bank has announced several high-profile recruitment appointments and has scooped many major industry awards, including being named Bank of the Year: Best for SMEs in 2018 by the Global Business Excellence Awards.
Warrington Borough Council has received some criticism locally for investing £30m in the bank – a decision the council has defended as a way of tackling austerity.