In July this year, Aldermore confirmed that it had moved into profit on a monthly basis and ahead of schedule. This was quickly followed by the announcement that it had reached £1 billion in savings.
Aldermore is a successful and growing new part of the British banking landscape and is focused on lending to small and medium sized businesses (SMEs) and UK homeowners.
Its strong deposit base underpins its support for SMEs. At present the bank's total lending to SMEs stands at £623 million* - and in the first nine months of this year, it had funded £1 billion of its clients' invoices through its expanding invoice finance business.
Aldermore's residential mortgage business has also grown. Built from scratch in May 2010, it is now ranked 23rd in the Council of Mortgage Lenders' top 30 lenders. To date, Aldermore has lent nearly 3,000 UK homeowners a total £371 million*.
Phillip Monks, Chief Executive, said: "Aldermore has grown consistently since we established in 2009 and I am delighted that we can now officially announce the latest milestone of 50,000 savings accounts.
"Aldermore is a new, fast-growing and value-driven bank. Our success is the result of providing great service and value to SMEs and UK consumers. Using our expertise, we provide straightforward savings which offer long-term value and lending products with less bureaucracy.
"We have a strong capital base - further boosted by a new round of capital investment worth £62 million secured in October - and none of the legacy issues which dog the wider banking industry. This means we are well placed to continue to grow."
Unlike many other new and established banks, Aldermore has benefited from the operational efficiency of not having an expensive branch network to maintain. Instead Aldermore focuses on innovation and technology, allowing customers to access the savings range seven days a week via the internet, phone or by post. Its accounts are gimmick-free, pay consistently good rates, and for the SME customer, Aldermore offers specialist client managers.
*Correct at the time of release
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.