The milestone has been reached sooner than expected, with the retail bank having only started operations in July of last year.
PFC, which set up the bank to access a cheaper source of funds than the wholesale debt market, has seen around 2,500 new retail customers sign up since the bank commenced operations.
$PCF #PCFBANK Deposits over £100m. Only launched July 2017 so shows power / flexibility of comparison websites ($ARBB Arbuthnot Banking just announced its intent to offer online). At PCF average dep £45k— Hardman & Co (@HardmanandCo) April 16, 2018
The group's strategy is to grow the lending portfolio to £350mln by September 2020 and £750mln by 2022. PCF announced last month that the lending portfolio had grown to £172mln already.