Cynergy Bank has secured £20 million in Tier 2 capital from British Business Investments, the commercial subsidiary of British Business Bank.
The bank said that the funding would support its aim of providing over £250 million in lending across the SME and property sectors. It added that its growth will be underpinned by its “human digital” model, which combines customer relationship management with the full digitisation of traditional banking products.
The capital has been provided through the British Business Investments’ Investment Programme, which is designed to increase the supply and diversity of finance for smaller businesses by boosting the lending capacity of challenger banks and non-bank lenders.
“We’re pleased to be working with British Business Investments, and this investment is a truly exciting milestone in our commitment to supporting the financial needs of SMEs and businesses in the UK,” said Nick Fahy, chief executive of Cynergy Bank. “This additional funding will boost growth in our business and deliver our strategic objectives over coming years, while also significantly increasing our lending capabilities for SMEs, property entrepreneurs and family businesses.”
Latest News
-
Santander to roll out international growth platform for SMEs
-
FStech Awards 2025 shortlist announced
-
Deutsche Bank invests in blockhain FinTech Partior
-
Spendesk launches payment institution as part of Visa partnership
-
UniCredit's takeover bid for Banco BPM sparks job concerns
-
HSBC launches payments management tool for businesses planning international growth
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories