New banks authorised since 2013

While many new banks have been successful in becoming authorised through the New Bank Start-up Unit, there is a significant difference between the number of firms that are interested in becoming a bank, those that follow the process of submitting an application; and those that subsequently gain authorisation.

There are a number of reasons for why this is the case:

• some firms realise that they can achieve their desired business model without needing to set up a bank. There are significant costs to setting up a bank, so firms need to be assured that this is the right option for them;
• firms’ proposals may fall short of the standards required to become a bank; they may be unclear or disorganised. This highlights the importance of the pre-application stage for firms as our feedback can help to shape and further develop their thinking. The pre-application stage is an optional stage where firms engage with us early on in order to develop their propositions and prepare their applications to set up a new bank. More detail on the pre-application stage can be found in the New bank authorisation process section; and,
• firms may lose their financial backers such that they do not have the financial resources that they need to operate as a bank. This can lead to some applicants withdrawing from the process while they seek fresh investment.

The table below lists the firms we have authorised as banks since 2013 (as at 1 April 2025).

(a) Please note this list does not include previously EEA authorised firms (including former EEA Branches now authorised as Third Country Branches in the UK).
(b) In January 2018, Tandem Money Limited acquired the entity previously named Harrods Bank Limited (‘HBL’) and changed HBL’s name to ‘Tandem Bank Limited’. The entity now known as Tandem Bank Limited has therefore been authorised since prior to 2010. However, we include reference to Tandem Bank Limited in the list above because Tandem Money Limited was granted authorisation as a start-up bank in 2015. Tandem Money Limited no longer holds a deposit-taking permission.
(c) This firm is no longer PRA regulated.
(d) UBA Capital (Europe Limited) was authorised with restrictions but voluntarily cancelled. After this, UBA Capital (Europe Limited) re-applied and was authorised without restrictions. This entity is now known as United Bank for Africa (UK) Limited.