Andy Mielczarek, co-founder and CEO of Chetwood Financial, is stepping down after almost ten years of leading the Wrexham-based digital bank. Paul Noble has been appointed as his successor, pending regulatory approval.
Chetwood Financial, founded in 2016, received a restricted banking licence in 2017 and a full UK banking licence by 2018. Since 2019, its savings platform, SmartSave, has attracted over £3.5 billion in deposits. Earlier in 2024, Chetwood expanded into the buy-to-let mortgage market by acquiring specialist lender CHL Mortgages, with plans to launch its new mortgage brand, ModaMortgages, soon.
Mielczarek has been with Chetwood from its inception, having previously held senior roles at HSBC, M&S Bank, MBNA, and Charles Schwab. He will be leaving at the end of the month to take a break before deciding his next move.
Paul Noble joins Chetwood from JN Bank UK, where he served as CEO. With over 25 years of experience in financial services, including roles at Pollen Street Capital and co-founding 118 118 Money, Noble brings a wealth of knowledge in scaling both startups and large banks.
Reflecting on his departure, Mielczarek said, “Starting a new bank was never easy, but I’m proud of the progress Chetwood has made. It’s been an incredible journey, from getting our banking licence to handling billions in deposits and entering new markets. Now feels like the right time to hand over to someone new. I’m confident Paul is the right person to lead the company through its next phase.”
Ian Lonergan, Group Chair of Chetwood Financial, added, “Andy has done an outstanding job in turning Chetwood from an idea into a fully-fledged digital bank with market-leading products. We’re excited to welcome Paul as CEO and are confident in his ability to guide us through our next chapters.”
Noble expressed his excitement about joining the company, stating, “Andy and the team have built an incredible digital bank, and I’m thrilled to drive the business forward. With ambitious plans in place, I’m eager to help Chetwood grow and enter new markets while continuing to deliver exceptional products and services to our customers.”
