StreamBank obtained a banking license, authorized with restrictions. The bank is called StreamBank and currently cannot hold more than GBP 50,000 in deposits.
Streambank has up to a year to reach the regulator in order to remove the restrictions.
In 2016, the company began taking its first steps towards a UK banking license. Mutual Vision is the core banking platform. StreamBank will be led by Steve Pateman (former Hodge and Shawbrook CEO).
Fixed-rate bonds and other forward savings products may only be launched in H1 2023.
Officials Remarks
Steve Pateman, CEO of StreamBank, said: “We are delighted to have gained the confidence of the regulator and receive our banking license with restrictions.
“Over the last 12 months, through the hard work of all the team, we have successfully built a bank that combines the efficiency of modern technology with traditional banking judgement, enabling us to support the needs of property professionals up and down the country.
“Property investors far too often find it difficult to work with a lender that talks their language and understands their needs which leads them to miss out on good opportunities.
“Creating a bank that uses experience and judgment and a desire to find a solution will help property investors build much-needed homes and spaces that drive economic prosperity.”
John Reed, the Chairman of StreamBank, said: “Property Investors with complex transactions are often left behind by mainstream banks and even some specialist lenders, as they focus on more vanilla automated lending.
“A significant proportion of borrowers miss out on sound opportunities that are only turned away because of the complexity of the transaction rather than the credit profile.
“StreamBank has been built from the ground up helping property investors take advantage of those opportunities and in turn help the housing shortage across the country.
“A special thanks need to go to the team, past and present, for their dedication and hard work in allowing us to obtain our provisional banking license. I believe we are strongly placed to make a real impact in the property market and in a short period of time, we will look to attain our full license and expand our offering in adjacent markets and to personal savers.”
Exclusive Interview with StreamBank
What is the bank’s vision (private bank, digital bank etc.)?
“StreamBank is a new specialist Bank that in July 2021 applied for a banking license, since then it has been progressing [through] the regulatory approval process, and as of July 2022, we entered our mobilization phase, the last phase before full authorization can be granted.
“The Bank was founded to serve specialist property and savings customers with the best financial solutions, through the combination of experience, judgement and desire to find a solution.”
What are your next steps after obtaining the banking license?
“We are working through mobilization over the coming months in preparation for their full banking license StreamBank intends to build out its proposition to offer:
• A range of fixed term and notice savings accounts, that will offer consistently good rates, combined with flexible and easy-to-use products.
• Short-term property loans of between £250k to £5m to support property professionals, developers, entrepreneurs and landlords.
• We will provide Regulated Bridging Finance options for customers who want to use their residential property as security to raise funds. Or our Non-Regulated Bridging Finance products could be the answer for an experienced property investor who wants to extend or improve their portfolio.
• Our development finance products offer property investors solutions on ground-up developments and heavy refurbishment projects.
• Commercial mortgages for investing in new premises or to refinance existing properties or portfolios.”
Do you have plans to expand overseas in 2023/4?
“There are no plans to expand overseas, we are committed to growing in the UK market.”
Will you also offer cryptocurrencies (subject to regulations)?
“We have no plans to offer cryptocurrencies, we are committed to being a traditional lending and savings bank.”
What should future depositors expect from you?
“Depositors can expect consistently good rates, combined with flexible and easy-to-use products alongside peace of mind that their savings will be protected to the limits provided by the Financial Services Compensation Scheme.”
StreamBank obtained a banking license, authorized with restrictions. The bank is called StreamBank and currently cannot hold more than GBP 50,000 in deposits.
Streambank has up to a year to reach the regulator in order to remove the restrictions.
In 2016, the company began taking its first steps towards a UK banking license. Mutual Vision is the core banking platform. StreamBank will be led by Steve Pateman (former Hodge and Shawbrook CEO).
Fixed-rate bonds and other forward savings products may only be launched in H1 2023.
Officials Remarks
Steve Pateman, CEO of StreamBank, said: “We are delighted to have gained the confidence of the regulator and receive our banking license with restrictions.
“Over the last 12 months, through the hard work of all the team, we have successfully built a bank that combines the efficiency of modern technology with traditional banking judgement, enabling us to support the needs of property professionals up and down the country.
“Property investors far too often find it difficult to work with a lender that talks their language and understands their needs which leads them to miss out on good opportunities.
“Creating a bank that uses experience and judgment and a desire to find a solution will help property investors build much-needed homes and spaces that drive economic prosperity.”
John Reed, the Chairman of StreamBank, said: “Property Investors with complex transactions are often left behind by mainstream banks and even some specialist lenders, as they focus on more vanilla automated lending.
“A significant proportion of borrowers miss out on sound opportunities that are only turned away because of the complexity of the transaction rather than the credit profile.
“StreamBank has been built from the ground up helping property investors take advantage of those opportunities and in turn help the housing shortage across the country.
“A special thanks need to go to the team, past and present, for their dedication and hard work in allowing us to obtain our provisional banking license. I believe we are strongly placed to make a real impact in the property market and in a short period of time, we will look to attain our full license and expand our offering in adjacent markets and to personal savers.”
Exclusive Interview with StreamBank
What is the bank’s vision (private bank, digital bank etc.)?
“StreamBank is a new specialist Bank that in July 2021 applied for a banking license, since then it has been progressing [through] the regulatory approval process, and as of July 2022, we entered our mobilization phase, the last phase before full authorization can be granted.
“The Bank was founded to serve specialist property and savings customers with the best financial solutions, through the combination of experience, judgement and desire to find a solution.”
What are your next steps after obtaining the banking license?
“We are working through mobilization over the coming months in preparation for their full banking license StreamBank intends to build out its proposition to offer:
• A range of fixed term and notice savings accounts, that will offer consistently good rates, combined with flexible and easy-to-use products.
• Short-term property loans of between £250k to £5m to support property professionals, developers, entrepreneurs and landlords.
• We will provide Regulated Bridging Finance options for customers who want to use their residential property as security to raise funds. Or our Non-Regulated Bridging Finance products could be the answer for an experienced property investor who wants to extend or improve their portfolio.
• Our development finance products offer property investors solutions on ground-up developments and heavy refurbishment projects.
• Commercial mortgages for investing in new premises or to refinance existing properties or portfolios.”
Do you have plans to expand overseas in 2023/4?
“There are no plans to expand overseas, we are committed to growing in the UK market.”
Will you also offer cryptocurrencies (subject to regulations)?
“We have no plans to offer cryptocurrencies, we are committed to being a traditional lending and savings bank.”
What should future depositors expect from you?
“Depositors can expect consistently good rates, combined with flexible and easy-to-use products alongside peace of mind that their savings will be protected to the limits provided by the Financial Services Compensation Scheme.”
