One of the newest challenger banks on the market has reached a £100m lending milestone.

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.

Allica, the company building a SME bank with relationship managers, announces the appointment of Gareth Claxton as Senior Commercial Manager.

He will be responsible for supporting owner occupier businesses and commercial investment property professionals.

Gareth joins from Redwood Bank, where he supported businesses as well as commercial and residential investors with their long-term property lending requirements. Prior to that Gareth held senior positions with Aldermore and Santander, managing the new business and portfolio management teams.

Launching this year, Allica aims to be a digital SME bank which will offer business customers a service that makes their business lives easier. Customers will be able to access a team of banking experts with extensive business finance experience, combined with an individual approach and the best of digital banking.

Mark Stephens, Chief Executive Officer, Allica said: “With more than three decades’ experience gained at leading high street and challenger banks, and with a reputation for demonstrating strong service culture behaviours, Gareth is a recognised name within the commercial broker market. Allica will offer a unique combination of business finance experts, attentive service and the best of digital banking. Gareth’s commercial mortgage lending expertise will be crucial in supporting our customers after launch.”

Gareth Claxton, Senior Commercial Manager, Allica said: “Allica’s unique service is set to lead the way for SME banking and be a trusted partner as they grow. I am delighted to join the team bringing the Allica alternative to market and I’m looking forward to working closely with our customers, helping them structure and obtain lending solutions that specifically meet their objectives.”

Focused on the UK SME market and funded by SME and retail savings, Allica will ultimately serve businesses through working capital solutions and cash management, including loans, asset finance, savings and payment services. Allica will also address the UK retail market with a range of savings products.