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 August 2025).
|
Total number of authorised banks since 2013 |
List of new UK ‘start-up’ banks authorised by the PRA |
List of new banks authorised as either a branch or a subsidiary of an overseas bank by the PRA (a) |
||
|---|---|---|---|---|
|
68 |
41 |
27 |
||
|
FRN |
Firm name |
FRN |
Firm name |
|
|
604551 |
Paragon Bank Plc |
577452 |
Axis Bank UK Limited (c) |
|
|
606934 |
HAMPDEN & CO PLC |
601551 |
UNION BANK OF INDIA (UK) LIMITED |
|
|
494549 |
Charter Court Financial Services Limited |
502704 |
FCMB Bank (UK) Limited |
|
|
629564 |
OakNorth Bank plc |
180458 |
||
|
661960 |
Atom Bank PLC |
629629 |
Industrial and Commercial Bank of China Limited |
|
|
204479 |
Tandem Bank Limited (b) |
610926 |
U.S. Bank National Association (c) |
|
|
607659 |
First Trust Global Bank (c) |
652628 |
China Construction Bank Corporation London Branch |
|
|
719354 |
Masthaven Limited (c) |
627671 |
Habib Bank Zurich Plc |
|
|
730166 |
Starling Bank Limited |
713033 |
China Merchants Bank Co., Ltd |
|
|
730427 |
Monzo Bank Ltd |
727652 |
Bank of Communications Co Limited |
|
|
716167 |
IFAST GLOBAL BANK LIMITED |
757156 |
State Bank Of India (UK) Limited |
|
|
747017 |
PCF Bank Limited (c) |
769072 |
Sumitomo Mitsui Corporation, London Branch |
|
|
754568 |
ClearBank Limited |
780077 |
Agricultural Bank of China Limited London Branch |
|
|
755924 |
REDWOOD BANK LIMITED |
768016 |
Bank of Baroda (UK) Limited |
|
|
749269 |
Civilised Bank Limited (c) |
777597 |
Shanghai Pudong Development Bank Co., Ltd |
|
|
740551 |
Chetwood Financial Limited |
788023 |
Kookmin Bank Co Ltd London Branch |
|
|
800542 |
Zopa Bank Limited |
695048 |
United Bank for Africa (UK) Limited |
|
|
829858 |
Revver Limited (c) |
806852 |
Handelsbanken plc |
|
|
821851 |
ALLICIA BANK LIMITED |
817008 |
Triodos Bank UK Limited |
|
|
845011 |
GH Bank Limited (c) |
815220 |
RCI Bank UK Limited |
|
|
834822 |
Oxbury Bank PLC |
812528 |
China Citic Bank Corporation Limited London Branch |
|
|
541910 |
Castle Trust Capital PLC |
805574 |
Citibank UK Limited |
|
|
848291 |
DF Capital Bank Limited |
844332 |
INTESA SANPAOLO PRIVATE BANK (SUISSE) MORVAL SA (c) |
|
|
849724 |
Monument Bank Limited |
832786 |
JN Bank UK Ltd |
|
|
849404 |
RECOGNISE BANK LIMITED |
|||
|
671140 |
Zempler Bank Limited |
993767 |
LHV Bank Limited |
|
|
953772 |
Kroo Bank Ltd |
619002 |
Conister Bank Limited |
|
|
930379 |
The Bank of London Group Limited |
995574 |
China Minsheng Banking Corporation Limited London Branch |
|
|
848024 |
Bank North Limited (c) |
|||
|
850286 |
GB Bank Limited |
|||
|
848460 |
ASHMAN FINANCE LIMITED (c) |
|||
|
954876 |
StreamBank PLC |
|||
|
939282 |
Fiinu Bank Limited (c) |
|||
|
956138 |
Perenna Bank PLC |
|||
|
970920 |
Griffin Bank Ltd |
|||
|
849944 |
Alba Bank Limited (c) |
|||
|
996195 |
SilverRock Bank Limited (c) |
|||
|
981170 |
Revolut NewCo UK Ltd |
|||
|
738741 |
Vida Bank Limited |
|||
|
1004742 |
Afin Bank Limited |
|||
|
543146 |
HSBC INNOVATION BANK LIMITED |
|||
Footnotes
- (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.