SilverRock Approved As Banking Entity Following Authorization
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SilverRock Bank has earned banking approval from the Prudential Regulation Authority after completing a £50 million financing round. The startup plans to focus on forward-flow financing and buying portfolios, helping particular lenders and non-bank and building societies.
The income from investments will be used to offer reasonable savings rates over time, adding to the lending services.
The Company Aims To Ensure Access To Borrowing Facilities For SMEs
The Chief Executive Officer of SilverRock, Alan Jarman, stated that this is the first time a UK bank has been established to help non-banks and other lending institutions. This market is already over £250 billion and can grow as it meets new customer needs.
He added that the company wants to ensure that Small and Medium-sized Enterprises (SMEs) and people in non-standard credit markets can borrow money. This will help lenders be more innovative and better handle the opportunities and challenges in the UK market.
The fundraising will help SilverRock get started and fully launch if it gets more approvals. The firm plans to have a balance sheet of £3 billion by 2029. Lending is set to begin later this year.
An Ipsos Study on SME Finance in 2022 indicated that only 64% of small businesses received financing from their initial provider. Meanwhile, about 11% of people applying for mortgages want terms different from what mainstream providers usually ask for. These examples show the gap in the market that non-bank lenders help with.
The Startup Seeks To Provide Competitive Saving Options
Forward flow contracts mean that SilverRock will agree to buy assets or loans consistently from its lending partners. This guarantees a continuous and dependable funding source for lenders while broadening the bank’s investment holdings. This will support the constant lending operations in the UK’s financial industry, fostering economic growth.
People who save money will also gain from a plan that will give excellent and steady rates over time. This goes along with lending services and offers a competitive option for savers.
SilverRock Bank is a financial institution established to offer creative banking solutions in the UK. To help non-bank lenders and other financial entities, SilverRock wants to fill in gaps in lending.
The entity has many years of experience and a broad understanding of financial areas. The firm’s experienced team works with partners to create solutions that improve growth, economic stability, and competitiveness.
The company is listed in Wales and England. The Prudential Regulation Authority and the Financial Conduct Authority oversee it.
