British challenger bank Chetwood Financial has secured a full banking licence from the Prudential Regulation Authority.

The challenger bank already secured £40m in financial assistance from Elliott Advisors. The funding forms part of £150m commitment made last year by Elliott.

Headquartered in Wrexham, Chetwood was established in 2016 by former-HSBC banker Andy Mielczarek as well as technology strategist Mark Jenkinson.

The bank focuses on catering to distinct customer segments underserved by the market and designing products to meet their unique requirements.

“By starting from scratch with a new, cloud-based platform, we are able to offer customers something truly different,” Jenkinson noted.

In November last year, Chetwood launched the LiveLend Reward Loan that reduces interest rate as borrowers improve their credit score.

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The interest rate will be lowered by 2% for every 25 point improvement in the credit score.

The challenger bank intends to roll out its first savings offering early this year.

“Using technology to make people better off is at the heart of what we do – we’ve already proven this with LiveLend, our dynamic loan, and we have really exciting plans to follow that with a range of new, fair and innovative products that serve the needs of our customers,” Mielczarek said.