Redwood Bank, a new UK-based lender focused on SMEs, has entered into an agreement to deliver savings deposit accounts to customers of Insignis Cash Solutions.
Under the agreement, SME and charity clients of Insignis can gain access to the savings product of Redwood Bank through the Insignis Cash Platform.
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Redwood Bank CEO and co-founder Gary Wilkinson said: “We are passionate about supporting British SME businesses and charities, helping them navigate the ever-changing financial and business landscape.
“We pride ourselves on exceeding customer expectations and we’re proud to be providing a service to Insignis clients, who we hope and expect will see the value in investing in Redwood Bank.”
The bank claims that its savings deposit accounts provide competitive interest rates.
Insignis chairman Paul Richards said: “Our banking panel is carefully selected so that we can offer clients a well-rounded product offering that we know will give them exceptional service. To be able to offer a wider variety of rates to our SME and charity clients is welcome. We’re looking forward to working with Redwood Bank.”
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By GlobalDataRedwood Bank started operations in August 2017 after concluding its mobilisation phase.
The bank secured a banking licence from the Financial Conduct Authority and Prudential Regulation Authority in April 2017.
Redwood Bank is owned by Redwood Financial Partners, in which Warrington Borough Council holds a 33% stake.
