British online financial services group Amicus has applied to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) for a banking license.

The company has appointed David Fisher, Alex Shapland and Paul Stevens as non-executive directors to the board for the new business. 

The company intends to convert £30m of its debt into equity that will form the capital base of the bank, if authorised. The business expects to secure the banking license in 2017.

Amicus CEO John Jenkins said: “Applying for a banking licence is an important milestone for Amicus as we continue our growth journey. Becoming a bank will ensure we have the resources to grow, adapt and evolve our proposition in the market over the coming years."

Amicus, which was set up in 2009, currently offers short-term property loans, SME lending and working capital solutions through its units Amicus Property Finance, Amicus Commercial Finance and Norton Folgate.

The latest move comes shortly after Acorn Financial Partners’s application for a banking license.

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By GlobalData