Iwoca closes bumper debt facility as sale speculation mounts Fintech Small business lender Iwoca has inked a new £250m debt facility that will help it ramp up its lending power just days after it emerged it had instructed bankers to launch a sale process valuing it at north of £1bn. The fintech closed the credit line from a household name bank and private credit giant [...]
Shawbrook weighs Aldermore bid as Firstrand looks to offload challenger bank Banking Shawbrook is reportedly weighing up a merger with rival Aldermore after its owner put the challenger bank up for sale. The lender, which debuted on the London Stock Exchange last year, is in the early stages of considering a takeover, according to Sky News’ Mark Kleinman. South Africa-based financial services group Firstrand, which bought Aldermore [...]
Close Brothers and First Rand look to park motor finance row Banking After countless speed bumps, sharp handbreak turns and a fair few false starts, the two banks that took the motor finance scandal to the top finally look to put it in the rearview mirror. Close Brothers and Aldermore owner First Rand have sought to wrap up the over two-year long saga after the financial watchdog [...]
London gets even worse for first-time buyers as UK cities ranked September 2, 2024 London has become an even worse city for first-time buyers, according to new figures, but the situation has now stopped people flocking to the capital for the social and career opportunities. The capital has moved down one place to 44th out of 50 in the latest ranking from mortgage provider Aldermore. The study compared cities [...]
Challenger banks ‘still a year away’ from competing with major lenders, Aldermore chief executive Phillip Monks says March 12, 2019 Challenger banks are still at least a year away from being able to fully compete with the dominant UK lenders, according to the chief executive of Aldermore. Phillip Monks, who founded the first UK challenger bank 10 years ago, said the main players in the sector must secure a licence to adopt an internal ratings-based [...]
UK blockchain startup launches equity crowdfunding round July 12, 2018 | Sponsored For venture-minded investors who have yet to make any major forays into the tantalising yet potentially risky ICO world of blockchain and cryptocurrency, one equity investment opportunity live now on Crowdcube may prove to be a gateway. Introducing: the bank account based on blockchain BABB (Bank Account Based Blockchain) is a UK-based startup. It is building [...]
Tesco Bank, Metro Bank and Aldermore put more pressure on Treasury over George Osborne’s new bank tax September 6, 2015 The government is expected to face fresh criticism this week as politicians and City bosses step up their attacks on a new bank tax. Labour and the SNP have tabled amendments that would exempt challenger banks and building societies from having to pay an additional eight per cent of UK profits in corporation tax, the [...]
Profits double at Aldermore as lending grows August 28, 2015 The Chief executive of Aldermore yesterday shrugged off the impact of UK tax changes on the challenger bank’s growth trajectory, as the firm revealed that it more than doubled profit in the first half of the year. The six-year-old bank beat expectations with an underlying pre-tax profit of £44m as it issued more mortgages [...]
Aldermore shares jump nine per cent as it reports strong rise in profits as loans increase August 27, 2015 Challenger bank Aldermore reported a strong rise in profits in the first half as it issued more loans to small and medium-sized businesses. Aldermore's share price has jumped nine per cent on the news. The figures The bank reported underlying profit before tax of £44m for the first half of 2015, an increase of 109 [...]
July Budget 2015: Challenger bank share prices plummet – Aldermore, Virgin Money, Shawbrook and OneSavings suffer worst day ever July 8, 2015 Publicly-traded British challenger banks suffered their worst day on record yesterday, as chancellor of the exchequer George Osborne said yesterday that a new corporation tax surcharge would take a significant chunk out of the industry’s profits. Reading-based retail bank Aldermore, which floated on the London Stock Exchange earlier this year, saw its share price [...]