Startup lender SilverRock Bank has just secured banking authorisation with restrictions from the Prudential Regulation Authority, following a successful £50 million funding round. This marks a significant milestone for the new challenger bank, which aims to revolutionize the financial sector with a focus on forward flow financing and portfolio acquisitions.
SilverRock is targeting non-bank and specialist lenders, as well as building societies, offering innovative solutions to meet the evolving needs of SMEs and consumers in non-standard credit markets. The goal is to support lenders in navigating the dynamic UK market by providing robust financial backing.
Alan Jarman, CEO of SilverRock, highlighted the bank’s unique mission: “For the first time, a UK bank is dedicated to supporting non-bank and specialist lenders. The non-bank lending sector is already worth over £250 billion and has enormous potential for growth. Our approach will not only meet the borrowing needs of SMEs and consumers but also foster innovation among lenders.”
The capital injection will support SilverRock through its mobilisation and eventual full launch, pending further regulatory approvals. The bank plans to commence lending later this year, with ambitions to achieve a balance sheet target of £3 billion by 2029. Additionally, the returns from their investments will allow SilverRock to offer competitive savings rates, enhancing their suite of financial services.
