Challenger and specialist banks have surpassed high street banks for smaller business lending, with new data showing they accounted for 55% of the SME market in 2022.
According to the state-owned British Business Bank, challenger and specialist banks provided a record £35.5bn compared to the £29.6bn deployed by traditional UK banks.
“Today’s report finds strong growth from challenger and specialist banks, as well as asset finance provision, as businesses seek alternative finance options,” said Louis Taylor, CEO of British Business Bank.
https://www.uktech.news/fintech/challenger-bank-lending-20230301