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Avon Mutual is registered with the FCA under the Co-operative and Community Benefit Societies Act 2014 as a Co-operative Society number 4437
Avon Mutual will be a full service retail bank for our regions residents and SMEs
Avon Mutual is a launching regional full-service community retail bank in the West of England. Through online, phone and branch distribution channels it will offer current accounts, deposits, loans and mortgages to individuals, the self employed, SMEs and the third sector.
Our aim is to be lending over £1.2bn by year 10, to create and protect hundreds of thousands of local jobs. We aim to serve more than 22,600 SMEs, 4200 charities and other mission driven businesses and 66,800 individual customers including more than 10,300 considered financially vulnerable and to bring 2,200 unbanked people into the financial system.
Replicating hundreds of very successful regional banks across N America and Europe, Avon Mutual will be a full service retail bank for our regions residents and SMEs with a focus on closeness to customer and a vision to provide:
Raised over £2m so far
Passed through two of three key gates in the PRA/FCA licensing process
Expect to be invited soon to the third and most important 'Challenge' gate - 90% of banks which get to this stage go on to gain a license
Only £400,000 more investment required to reach this key 'challenge' stage
Half of the £22m final capital requirements 'in conversation' with key institutional investor including Universities and Local Authorities
One major prospective institutional investor commissioned a very detailed third party due diligence process which led to them investing a third tranche of investment