Wrexham Community Bank: An Investment in Impact, Growth, and a Resurgent Local Economy
The Opportunity
A Community Underserved, A Market Ripe for Disruption
Wrexham, a vibrant city in North Wales, stands at a pivotal moment of resurgence. Yet, beneath its dynamic growth and renewed civic pride, a critical void exists: the systematic withdrawal of traditional high-street banks has left individuals, communities, and particularly Small to Medium-sized Enterprises (SMEs) profoundly underserved. This isn’t just a local inconvenience; it’s a significant market failure creating a compelling opportunity for a new, community-focused financial institution.
The Banking Desert
Over the last decade, 40% of UK bank branches have closed, leaving many communities without essential face-to-face banking and cash access – a preference still strong in Wales for both individuals and businesses needing to deposit daily takings. Wrexham has felt this acutely, increasing financial exclusion and isolating vulnerable residents.
Economic Opportunity
Wrexham is a powerhouse of growth. With over 12,000 active businesses, it boasts a remarkable 76% increase in business growth over the last decade – the highest rate in Wales.[1] SMEs, numbering 4,324, form the backbone of this economy, yet access to credit for startups and smaller businesses is a “huge restraining factor”. Key sectors like Construction, Professional Services, Retail, and Manufacturing (employing 20% of Wrexham’s workforce, significantly higher than the UK average) are crying out for tailored financial support.[1]
Community Need
Wrexham faces significant socio-economic challenges, with 53.1% of households experiencing deprivation in at least one dimension and a high number of children living in low-income households.[2] The average gross weekly pay is lower than Welsh and Great Britain averages, highlighting a strong desire for accessible, relationship-based banking that national brands fail to provide. Financial exclusion acts as a barrier to housing and employment, linking financial stress directly to mental well-being.
Our Solution: Wrexham Community Bank – Relationship Banking, Reimagined
Wrexham Community Bank is not just another bank; it is the community bank. We are founded to restore relationship-driven banking with exceptional service and accessible finance, deeply embedded in the local fabric. Our hybrid “bricks-and-clicks” model caters to diverse preferences, acknowledging that while 87% of UK adults use online banking, 18% still visit branches monthly and one in five prefer cash payments.
Faster, Local Decision-Making
Empowered to make agile, informed decisions, leveraging specialized knowledge of the local community and customers.
Tailored Products
Developing financial solutions specifically designed for local businesses (SMEs) and residents, addressing their unique needs for capital expenditure and working capital.[3]
Unmatched Relationship Banking
Building long-term trust through dedicated customer support, resolving the issue of residents needing face-to-face banking without extensive travel or reliance on third-party services.
Digital-First, Community-Focused
Our cloud-native technology stack, built on Mambu, will deliver intuitive mobile and web applications, mirroring the success of digital challenger banks like Starling Bank and Monzo in customer satisfaction. This ensures convenience while our physical presence and community engagement address local connectivity challenges and preferences.[4, 5]
For more details on our strategic rationale, market opportunity, business model, team, financial plans, regulatory approach, technology, and investment ask, please navigate through the links below: