The fast growing retail bank Aldermore specialises in financial services for homeowners, savers and small and medium-sized enterprises (SMEs) in the UK.
Known as a ‘challenger’ to long-established national banks, it has been listed on the London Stock Exchange since 2015 and is a member of the FTSE 250 Index.
Former Barclays executive Phillip Monks established Aldermore in early 2009. He was out of work at the time but was able to achieve his aim with the support of private equity business AnaCap Financial Partners LLP.
It was a major achievement for a man who had been at Barclays for 23 years prior to assisting in setting up the European part of Arab Bank, but who found himself unemployed when the Arabs closed down their European wing after Lehman Brothers collapsed.
Since then, through a series of acquisitions Aldermore obtained its banking license and an asset finance business which was then merged with a commercial mortgage business and subsequently an invoice financing operation.
By 2012, in its third year of operations, the bank achieved its first full year of profits.
With lending activity almost totally funded by the deposits received from business and personal savers - meaning the bank is able to avoid any risk and expense from borrowing from other banks -Aldermore is able to provide its clients with:
- retail and business savings
- asset and invoice finance
- commercial and residential mortgages
There are two types of mortgages for businesspeople and SMEs that Aldermore offers: Buy To Let and commercial. The commercial mortgages are aimed at people seeking investment or space for their business. The Buy To Let mortgages are for property investors and landlords.
Aldermore is a virtual online operation only, with no branch network. Intermediary partners and customers are served online, face-to-face and by phone through regional offices.
Aldermore's online operation includes a Help Centre that is packed with information on finance and banking. As well as the expected FAQs, there is informational literature, and instructions on how to invest and buy property.