Activist investor Elliott pumps another £20m into British start-up bank Chetwood
Activist investor Elliott has pumped another £20million into British start-up bank Chetwood.
The latest investment from the New York-based hedge fund takes its stake in the digital lender to £134million.
Elliott is among a string of Wall Street firms including JPMorgan and Goldman Sachs to pile into Britain's digital banking and wealth management industry.
Investment: Elliott is among a string of Wall Street firms including JPMorgan and Goldman Sachs to pile into Britain's digital banking and wealth management industry
Goldman Sachs launched its UK online bank Marcus in 2018 while rival bank JPMorgan is plotting to unveil a digital bank, Chase, in September.
JPMorgan also snapped up online wealth manager Nutmeg last month for £700million.
Wrexham-based Chetwood was founded by former HSBC banker Andy Mielczarek in 2016.
The bank, which opened an office in London last year, offers products that are different from the high street lenders.
Chetwood provides loans with interest rates that fall as a borrower's credit score improves.
Fees for late payments were ditched because the bank says it is 'unfair' to penalise customers.
Business lender OakNorth was the first of the digital upstarts to report an annual profit.
- Guides for my finances
- The best savings rates
- Best cash Isas
- A better bank account
- A cheaper mortgage
- The best DIY investing platform
- The best credit cards
- A cheaper energy deal
- Better broadband and TV deals
- Cheaper car insurance
- Stock market data
- Power Portfolio investment tracker
- This is Money's newsletter
- This is Money's podcast
- Investing Show videos
- Help from This is Money
- Financial calculators
Comments 0
Share what you think
No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards.
This is Money's brilliant guide now available on the Kindle
