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Challenger banks reach record lending share in 2024, research reveals
The British Business Bank report found that the overall number of small businesses accessing finance dropped to 43% by mid-2024.
Challenger Banks
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British Business Bank report shows record year for challenger banks in small business lending, but demand for external finance down
Challenger and specialist banks have outpaced major UK banks in lending to smaller businesses, according to the British Business Bank's Small Business Finance Markets 2022/23 report.
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FCA review finds weaknesses in some challenger banks’ financial crime controls
In some instances, challenger banks did not have financial crime risk assessments in place for their customers.
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Rumours abound of a challenger bank wind down
Rumours are circulating that one of the UK's challenger banks is set to begin winding down its banking operations on Monday.