An Edinburgh businessman, Gerard Boyle, has raised Ј30 million to set up a new business banking group aimed purely at Scottish start-ups.
The new bank, to be called Instant Bank, launched on the internet yesterday with a view to attracting would-be entrepreneurs with a drawn-up business plan who are in need of cash and advice.
Instant Bank has raised its Ј30m fund base from several financial institutions during the past 18 months. Its chief backer is Cattles, a Manchester-based firm with more than 700,000 customers and 500 branches across the UK. Not a penny came from a Scottish company.
Boyle said: "That sums up the problems we are dealing with in Scotland, and why we think we have found a decent gap in the market."
Instant Bank will work with the Scottish Enterprise operation Business Gateway. The company hopes to draw a steady stream of clients from the organisation.
