Wales-based challenger bank Chetwood Financial has reportedly raised £10m in funding from hedge fund Elliott.
This is not the first investment from Elliott, which previously deployed £50m in equity and £100m in debt into Chetwood back in 2018, according to a report from FinTech Ranking.
Chetwood is a banking platform which targets specific customer segments that are currently undeserved, it claims. By leveraging technology, such as machine learning, it provides customers with dynamic products that meet their specific needs and financial position.
Most businesses have been impacted in someway by the Covid-19 pandemic and Chetwood is one of them. However, the company is still continuing to grow, having hired 30 people since March and work going on to build several new products, the article claims.
Chetwood Financial CEO Andy Mielczarek told FinTech Ranking, “If it wasn’t for COVID-19, we’d be well on our way to turning a profit. But our path to profit is clear, and we’ll likely be turning a profit in the next years.”
One of the new products could include a credit card, but details on what the new services are will be released in the coming months, the article reported.
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