With the regulatory permission coming after a £50 million investment round, SilverRock plans to use both to mobilize its services and carry out its gradual market entry strategy, hoping to achieve a £3 billion balance sheet by 2029.

The total amount of deposits kept by the company at any given time is limited to £50,000 under the license's limits.

The bank notes that it is "moving towards full bank authorisation (subject to regulatory approval)" on its website.

SilverRock, which has been in development since 2022, would first try to offer "funding as a service" with forward flow financing for building societies and non-bank and specialized lenders.

The company states that in order to provide "a dependable and continuous source of funding for lenders whilst diversifying the bank's own investment portfolio," it will "commit to purchasing loans or assets from its lending partners" under the terms of the forward flow agreements.

According to its website, this scope aims to fulfill its goal of being "the UK's premier specialist in forward flow financing and portfolio acquisitions."

Additionally, the firm website indicates that savings solutions would be available in "early 2025."

The £250 billion industry presents "the potential for significant expansion as the sector responds to new and emerging customer needs," according to CEO Alan Jarman, who says SilverRock is the first of its type in the UK "to focus support on non-bank and other lenders."

He goes on, "Our goal is to make sure that consumers' and SMEs' borrowing demands in non-traditional loan markets can be satisfied. "That strategy will help and encourage innovation among lenders, empowering them to more effectively address the opportunities and challenges in the UK market."