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Another recent entrant , CivilisedBank received its lending license in May of this year . Instead of operating branches of its own , this bank will focus on connecting local bankers with businesses in their communities . This , it hopes , will forge stronger , more trusting relationships between bankers and creditors . The company offers its clients accounts that keep track of their transactions , deposits , savings , overdrafts , loans , investments , and foreign exchanges . CivilisedBank plans to include 80 bankers in its network within the first five years , generating £ 25mn in turnover .

Designed to offer banking services suited specifically to millennials , Tandem plans to provide current accounts , credit cards , and loans by the end of the year . The company has had trouble attracting funding , which is why it will not be able to launch savings accounts for the time being . Nonetheless , it has raised £ 100mn to finance its other services . Once it launches its main services , Tandem plans to differentiate itself as a company that helps its clients manage their money responsibly . This will make it invaluable to young customers seeking financial independence .

28 September 2017