UK challenger bank launches as proptech market hots up

创业投资 2017-08-30 阅读原文

The bank opening is an example of the growing momentiume behind so-called proptech as the property market and mortgage sector becomes the latest to be targeted by tech-led startups and challenger institutions.

“As many traditional banks are hampered by poor lending practices from their past and their legacy systems, we are perfectly positioned to help British SMEs take advantage of property opportunities by offering a highly-tailored service for clients that is built around our very experienced regional managers,” said Redwood founder and chief executive Gary Wilkinson.

Redwood Bank, which counts Warrington Borough Council as major stakeholder in parent company Redwood Financial Partners, will specialise in providing loans worth between £50,000 and £1.5m and for terms between 2 to 25 years.

The launch of Redwood Bank comes at the same time as Blend, a startup designed to make the online mortgage process easier, has secured a $100m investment from Silicon Valley investor Greylock, taking its total funding to £160m and its market valuation to $500m.

Blend has also recently struck and an agreement with two US banks, Wells Fargo and US Bancorp, to have its software used as part of the banks’ mortgage application processes as the incumbent lending institutions bid to fight off a swathe of non-bank competitors and startups that have targetted the mortage and lending sector.

Blend CEO and founder Nima Ghamsari said the capital could also be used to grow its staff and explore additional opportunities to use its technology for other lending products and services.

“The opportunity for our technology in the $40 trillion consumer lending market is huge, but the industry won’t change overnight,” Ghamsari wrote. “To realise our goals, we need to continue scaling and bringing together the best talent, partners, and backers to get us to the next level.”

FinTech Ranking

责编内容by:FinTech Ranking阅读原文】。感谢您的支持!


Reorgs Happen Yesterday I gave a talk at the NYC CTO Summit on Reorgs ( slides ). Here's a rough summary of the content, prior to the video release. The general...
Sustainable Sources of Competitive Advantage This article originally appeared on . David Paul Gregg invented the CD, which is amazing and changed history. But you’...
3 Pointers to Help SaaS Startups Decide How to Inv... Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneu...
A guide to understanding the Southeast Asian ecosy... The slideshare was prepared by Krating Poonpol, Managing Partner and CEO at 500 TukTuks The Southeast Asian tech ecosystem is very dense and fragmen...
刘强东清华毕业演讲:我的事业中从来没有B计划... “很多电影在紧急关头,人们都会有B计划,但是我希望大家都不要有B计划。在我的事业当中,我从来都没有规划过B计划。如果有,可能京东就不会像今天这样成功。”7月7日,京东集团董事局主席兼首席执行官刘强东作为特邀嘉宾,出席清华大学苏世民书院2018届毕业典礼,面对现场来自包括中国在内的26个国家...