Boom Community Bank

What Boom Community Bank does

Boom Community Bank is the trading name of West Sussex and Surrey Credit Union Limited, a not-for-profit credit union founded in 2008 and headquartered in Worthing, United Kingdom. The organisation provides affordable loans (six products spanning £300 to £10,000 with representative APRs ranging from 8% to 43%), a suite of savings accounts (member, junior, corporate, and payroll), two transactional current accounts, and the My Money Box payroll-deduction savings scheme. It serves primarily individuals in West Sussex, Surrey, Kingston, north Hampshire, Berkshire, South Bucks, Wycombe, and South Oxfordshire, with a deliberate focus on financially underserved borrowers including those with poor or limited credit history (80% of approved loans went to applicants with very-poor credit in the Oct 2022–Sept 2023 window).

The underlying technology stack centres on Open Banking integration via Consents.online for affordability assessments, credit reference data from TransUnion and Creditsafe, and digital channels that include a 24/7 online banking portal and iOS/Android mobile applications with biometric onboarding. Underwriting is hybrid: automated data ingestion feeds human-reviewed affordability and credit decisions, with a mandatory concurrent savings policy that adds 10% to 20% to each loan repayment, building member reserves alongside debt service. The organisation is authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority (FRN 475226), and deposits are FSCS-protected up to £85,000.

Boom Community Bank operates a member-owned cooperative model in which any operating surplus is reinvested in services or returned as member dividends rather than distributed to external shareholders. Revenue is generated almost entirely through interest income on loans (variable APRs of 8% to 43% depending on credit tier and product), with the loan book standing at £5.52M across 2,337 active borrowers as of September 2023, members' savings of £8.46M, and total cumulative loans disbursed of £32.6M since inception. Distribution combines self-serve digital channels with a partner-led acquisition motion through 49 employer partnerships (including local councils, NHS trusts, and private companies) that embed My Money Box into payroll systems and provide low-cost member acquisition.

Name

Boom Community Bank

Legal name

West Sussex and Surrey Credit Union Limited

Website

https://boomcb.org.uk

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Boom Community Bank is a UK not-for-profit credit union offering affordable loans (£300–£10,000), savings accounts, and current accounts to underserved individuals across West Sussex, Surrey, Berkshire, and surrounding regions, with FSCS protection and a payroll savings scheme.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Credit Unions (522130), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Personal Credit Institutions (6141), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Community credit union
• Affordable personal loans
• Member savings accounts
• Payroll deduction savings
• Ethical lending

Headquarters

HQ city

Worthing

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Loan Interest Revenue: Boom Community Bank generates revenue primarily through interest charged on loans. Representative APRs range from 10.4% (Advantage Loan for excellent credit) to 42.58% (Family Loan), with variable rates from 8% to 43% APR depending on creditworthiness and loan type. Interest is calculated daily, not front-loaded.
2. Payroll Savings Administration: The My Money Box scheme processes payroll deduction savings for employees of partner organisations. While the scheme is provided at no cost to employers or employees, it drives loan applications and membership growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Boom Community Bank is a not-for-profit credit union providing affordable personal loans, savings accounts, current accounts, and payroll deduction savings to individuals across southern England. Its lending portfolio covers amounts from £300 to £10,000 across product tiers including Access, Choice, Advantage, Family, Debt Consolidation, and No Interest Loans, while savings and current account services are extended to individuals, juniors, and corporates. The My Money Box payroll savings scheme extends the offering through 49 employer partnerships serving approximately 90,000 employees.

Product overview

Boom Community Bank is a not-for-profit credit union providing ethical financial services across West Sussex, Surrey, Kingston, north Hampshire, and Berkshire. The offering consists of a multi-product loan portfolio (Access, Choice, Advantage, Family, Debt Consolidation, and No Interest Loans ranging from £300 to £10,000), savings products (Member, Junior, Corporate, and Payroll Savings accounts), current accounts (Engage and Smartcash Junior), and digital banking platforms (Online Banking and Mobile App). The My Money Box payroll deduction scheme connects employer partners with employee savings and loan repayment services. All products are unified by a social mission to provide affordable credit to those underserved by traditional banks, with a mandatory concurrent savings policy for borrowers.

Differentiator

Problem solved

Functional benefit

Brands

• Money Box: A payroll-deduction savings scheme that allows employees to save directly from their pay, with funds managed through employer partnerships. Helps workers develop consistent savings habits and provides a pathway to financial security.

Products and services

• Access Loan
• Advantage Loan
• Choice Loan
• Family Loan
• Debt Consolidation Loan
• No Interest Loans (NILS)
• My Money Box
• Savings Account
• Junior Savings Account
• Corporate Savings
• Payroll Savings
• Engage Current Account
• Smartcash Junior Account

Quantifiable outcome

• 80% of approved loans went to individuals with 'very poor' credit scores, 6% to 'poor', 11% to 'fair', and 3% to 'excellent' credit (October 2022-September 2023)
• +5 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability1 record

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Adur and Worthing CouncilscoreStrategic or Co-development PartnerPartnership to introduce No Interest Loan Scheme (NILS) for residents facing financial hardship. Supports cost of living initiatives by providing interest-free loans to those in need within the Adur and Worthing council areas.
• Bognor Regis Town CouncilcoreStrategic or Co-development PartnerPartnership to introduce No Interest Loan Scheme for residents in need. Part of local cost of living support initiatives.
• Farnham Town CouncilcoreStrategic or Co-development PartnerPartnership through Farnham Support Fund to provide No Interest Loan Scheme for residents facing financial hardship.
• International Logistics Group Ltd (ILG)coreChannel Partner/ Reseller/ DistributorMy Money Box employer partner providing Save As You Earn payroll savings scheme for staff across 6 sites in the South East including Manor Royal hub. Organised drop-in sessions as part of annual health and wellbeing month.
• Stop Loan SharkscoreGTM or Marketing PartnerPartnership with England's Illegal Money Lending Team (IMLT) to raise awareness about loan sharks, provide support for victims, and report illegal lending activity. Boom actively supports the Stop Challenge Protect campaign.
• FairlifeminorGTM or Marketing PartnerPartnership with Fairlife organisation for financial wellbeing initiatives and cross-promotion of financial inclusion services.
• 49 Employer Partners (My Money Box Scheme)coreChannel Partner/ Reseller/ DistributorEmployer partnerships enabling payroll deduction savings for approximately 90,000 employees. Partners include: Adur and Worthing Councils, Reading Borough Council, Age UK, Aldingbourne Trust, Arun District Council, Chichester College, Crawley Borough Council, Guild Care, Guildford Borough Council, Home Instead, International Logistics Group, Kingston Council, Legal and General (Hove), Mid Sussex District Council, Surrey County Council, Sussex Community NHS Trust, University Hospital Sussex NHS Foundation Trust, West Sussex County Council, and 30+ others.
• Consents.onlinecoreTechnology or IntegrationTrusted Open Banking partner providing secure, read-only access to customer bank statements for affordability assessments. Registered with and regulated by the FCA as an Account Information Service Provider (FCA registration: 792642).
• CreditsafecoreTechnology or IntegrationCredit reference agency used for credit checks and identity verification, using TransUnion data partner for consumer credit and identity data. FCA Firm Reference Number: 742313.
• TransUnioncoreTechnology or IntegrationPrimary credit reference agency providing credit checks, identity verification, and fraud prevention data. FCA Firm Reference Number: 805757.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Castle & Crystal Credit Union: Credit union serving the Salisbury and surrounding Wiltshire common-bond area with personal loans, savings, and payroll savings. Comparable regional mutual model serving sub-prime and near-prime borrowers with ethical-lending positioning.
• Five Lamps: Not-for-profit social lender providing personal loans and credit-building products to financially-excluded borrowers in the North East and nationally. Comparable target segment (sub-prime, low-income), non-profit ethos, and affordable-credit mission.
• Kingdom Credit Union: Fife-based Scottish credit union offering savings, loans, and Junior Savers across a defined common-bond. Comparable ethical-mission mutual with similar loan/savings tiering and a focus on financial inclusion in its region.
• Plane Saver Credit Union: UK credit union serving aviation, travel, and financial-services employees. Closely comparable community-bank operating model with savings, loans, and Christmas Saver-style payroll deduction products — similar employer-partnership DNA to Boom's My Money Box.
• Fair for You: UK Community Development Finance Institution (CDFI) providing affordable credit to low-income households for essential goods (furniture, white goods). Directly comparable mission of serving financially excluded consumers with ethical, affordable credit.
• Manchester Credit Union: Greater Manchester-based credit union offering savings, affordable loans, and payroll deduction through partner employers including Manchester City Council. Highly comparable in mission, regulatory setup, and B2B2C employer-led distribution.
• London Community Credit Union: UK credit union serving the London common-bond area with personal loans, savings, and payroll savings schemes. Directly comparable to Boom in mission (financial inclusion), regulatory structure (PRA/FCA, FSCS), and product set (sub-prime personal loans with concurrent savings).
• My Community Bank (formerly Herts & Cambs Credit Union): UK credit union serving Hertfordshire, Cambridgeshire, Bedfordshire, and Norfolk with savings, affordable loans, and Junior Saver accounts. Similar regional common-bond model, ethical-lending mission, and member-owned structure to Boom.

Broad incumbents

• Triodos Bank UK: UK branch of the European ethical bank offering current accounts, savings, and lending with a values-led proposition. Broader incumbent serving ethically-minded consumers and organisations, with overlapping FSCS-protected deposit-taking and impact-orientation.
• Charity Bank: UK ethical bank lending exclusively to charities and social enterprises. Broader incumbent in the UK ethical/mutual banking space with FSCS protection and a similar values-led ethos, though focused on organisational rather than personal lending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/b00m_CB
• Facebookfacebook.com/BoomCommunityBank
• LinkedInlinkedin.com/company/boomcommunitybank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boom Community Bank