PCF, the AIM-quoted specialist bank, is pleased to announce that the total value of deposits the Company has accepted from retail customers has surpassed the £100 million mark.
This milestone has been reached in a relatively short time, and sooner than previously anticipated, as PCF Bank only began accepting retail deposits at the end of July 2017. During this period, some 2,500 new retail customers have been welcomed to PCF.
The award-winning* service is based on an easy to use, internet-based software platform which allows customers to on-board to PCF securely and quickly (typically in less than 10 minutes). PCF’s savings portfolio includes a range of maturities up to 7 years and has an average account balance outstanding of approximately £45,000.
For PCF, the growing amount of retail deposits allows it to continue to replace more expensive wholesale bank debt, support its growth strategy and allow it to scale the lending portfolio more rapidly. It also provides greater flexibility of funding and a reduced cost of funds which allows it to compete in the much larger prime segment of the market and facilitates the launch of new products and diversification of asset classes.
The Group’s strategy is to grow the lending portfolio to £350 million by September 2020 and £750 million by 2022. PCF announced last month that the lending portfolio had grown to £172 million already.
PCF will be connecting with the investor community at the upcoming Mello 2018 Investor Event at The Derby Conference Centre on Thursday 26th April 2018.
Commenting on the achievement, David Bull, PCF’s Finance Director, said: “This is a remarkable achievement, from a standing start in July last year. Our proposition is ‘Simple Banking. At your service’, and delivering against this statement is clearly resonating with our customer base. We look forward to further success with this growing element of our business. I would like to thank all of the dedicated people we have across our whole business at PCF, without whom this achievement would not have been possible.”
* In December 2017, the independent savings advice specialist Savings Champion awarded PCF Bank the title of “Best New Provider for 2018”