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  • United Kingdom

Chetwood: a New Challenger Bank in the UK


  • The British FinTech Chetwood Financial launched in 2016 and, until recently, focused on consumer lending offers. They have just been granted a banking licence by British authorities.
  • They also recently obtained a £40 million investment from the hedge fund Elliott Advisors.
  • Chetwood relies on an in-house Cloud-based technological platform called Yobota.
  • Their newly granted banking licence allows them to consider developing banking products using a model similar to the one they applied for their LiveLend “dynamic” loans.
    • A savings account to launch in Q1 2019
    • A version of LiveLend for young borrowers
    • Revolving credit offers
    • Mortgages


  • Stress their expertise and expand their range of offers. Their banking licence will allow them to aim for additional banking sectors, as they already did when entering the consumer lending market.
  • Their goal would be to identify market failures and develop industry-specific products likely to attract customers who may still be underserved by conventional banks. Chetwood intends to target very distinct market segments, and feature highly specific technological responses as they did with LiveLend for fragile customers.
  • Add white label services. Based on this licence, they plan to go beyond traditional banking models, which typically consist in distributing financial products under their own brand. Instead, they consider teaming up with existing companies to showcase their services and aggregate offers from various brands. Their Yobota banking platform could also be licenced to be made available to other banks.


  • In November 2018, Chetwood launched LiveLend: a consumer lending offer the lending rates of which are amended as customers show healthy “virtuous” financial behaviours: the more a customer's credit score improves, the more LiveLend’s rates decrease.
  • According to their founders, Chetwood should become profitable within 18 to 24 months.