Minibus king in £2.5m drive to launch the Bank of Dave

MINIBUS magnate Dave Fishwick is looking to raise £2.5million as he presses ahead with an attempt to gain regulatory approval to launch the socalled Bank of Dave.

The businessman, who made his fortune selling minibuses, said he is in the application process with the Financial Conduct Authority (FCA) to turn his loans provider into a fullyfledged UK bank.

Since launching in 2011, Burnley Savings and Loans – which is currently known as Bank on Dave – has lent nearly £20 million to more than 3,000 borrowers.

It is now turning to crowdfunding platform Seeders in a bid to raise £2.5million towards its expansion to become a full bank, which will be called Bank of Dave.

The cash will go towards IT systems and the infrastructure needed to become an authorised bank. It is hoped that, if the application is successful, Bank of Dave will launch in 2019 and notch up annual pre-tax profits of £4.5million within five years.

Mr Fishwick founded his loans company in the wake of the financial crash and in reaction to the impact it had on the North of England.

He wanted to help inject financial support into the local community and businesses and “prove that financial service providers can be socially responsible”.

The business wants to provide affordable loans to individuals and small and medium-sized businesses which may not have access to mainstream finance, with the aim of improving their credit rating in the future.

Mr Fishwick said: “The core vision for Bank of Dave is to create an ethical, successful and sustainable bank which is distinctive from established UK banks which we believe are falling short on supporting under-served individuals and small business.

“We believe in the need for a fresh approach to banking and to provide products and services that meet real customer needs.”

He added: “We have had a brilliant few years acting as a savings and loans provider, but the opportunity to become a fully authorised UK bank will expand our horizons even further, enabling us to help more people across the UK.”

If successful, Bank of Dave will initially operate from a head office and high street branch in Mr Fishwick’s home town of Burnley.

‘We have had a brilliant few years’