UK-based Redwood Bank has launched digital banking services after obtaining a banking license for business in the UK; Redwood Bank is the first bank with a 100% cloud-based infrastructure and will offer SME mortgages for business owners and professional landlords as well as a 35-day business savings account; Redwood Bank is wholly-owned by Redwood Financial Partners Ltd. which is controlled primarily by Warrington Borough Council with a 33% ownership stake; the newly launched bank is covered by the UK’s Financial Services Compensation Scheme (FSCS) which protects customers’ eligible deposits of up to a total of GBP85,000 ($109,846). Source
