(31 May 2024 – United Kingdom) SilverRock has been granted a banking licence with restrictions by the Prudential Regulation Authority (PRA) following a successful GBP£50 million funding round.
SilverRock has bold plans to commence lending in Q4 2024 by providing ‘funding as a service’ (FaaS) with forward flow financing for non-bank and specialist lenders and building societies. Current growth plans project a target balance sheet of GBP£3 billion by 2029. Savings solutions are set to follow in Q1 2025
“SilverRock is the first of its kind in the UK to focus support on non-bank and other lenders, with the £250 billion market presenting the potential for significant expansion as the sector responds to new and emerging customer needs” commented SilverRock CEO Alan Jarman.
“Our focus is on ensuring the borrowing needs of SMEs and consumers in non-standard credit markets can be met. That approach will in turn support and facilitate innovation amongst lenders, enabling them to better respond to the challenges and opportunities in the UK market.”