PRESS: UK banks start fundraising as aim to create new payments titan
(Alliance News) - The UK's largest banks will this week start a process to raise money to fund the development of a new payments infrastructure vehicle that could rival MasterCard Inc and Visa Inc domestically, Sky News reported Monday.
A newly formed entity named UK Payments Delivery Co is set to launch on Tuesday, aimed at creating a UK payments utility.
Citing City sources, Sky News reported that the fundraising would at first seek to secure about GBP50 million from industry participants such as banks.
The money will finance the company until 2028 and its incorporation and mobilisation stages.
In total, 19 companies, including the UK's four biggest high street lenders, have provided initial funding and sponsorship. US companies Citigroup Inc, JPMorgan Chase & Co and PayPal Holdings Inc are also part of the initial working group, alongside the UK's Nationwide and Wise Group PLC.
The UK's "Big Four" banks are Barclays PLC, HSBC Holdings PLC, Lloyds Banking Group PLC, and NatWest Group PLC.
A search for a chief executive for the new company is underway.
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
More In Markets
Investor Focus: Mortgage Rates Hit 6%, Best UK Dividend Stocks, and £15,000 Income Tax Allowance
European Stocks: Brace for a Turbulent Earnings Season
