via FinTech Futures
SmartSave is a new savings platform created by Chetwood Financial that aims to use technology to “make its customers better off”.
“We’re based outside of London and use modern technology to keep our costs low, so that we can offer great rates,” the bank says.
SmartSave was designed with its customers to offer “a simple way to save”, through an online account that is clear about when the terms are ending.
The bank says SmartSave will launch in the near future.
Chetwood Financial is challenger bank based in Wales, at Wrexham Technology Park and supported by the Welsh government, which provided the bank with a £750,000 business loan.
The bank was set up in January 2016. It launched its first digital lending product under the LiveLend brand the following year. The technology behind LiveLend is provided by Yobota, a cloud-based operating platform for financial institutions.
Chetwood received a full banking licence at the end of 2018. It also obtained a £40 million investment from Elliott Advisors (as part of the latter’s share of a £150 million debt and equity commitment).