Amicus Finance plc has submitted a banking licence application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Subject to authorisation it anticipates receiving its banking licence in 2017.

Amicus says the licence would help it to fulfil its long-term growth objectives by accessing an “alternative and efficient” source of funding.

In advance of authorisation, Amicus will convert £30m of the debt currently used to fund its lending activities into equity and this will form the capital base of the bank’s operations.

In preparation for this next step in its evolution, Amicus has appointed David Fisher, Alex Shapland and Paul Stevens as non-executive directors to the board. Fisher is the former CEO of Sainsbury’s Bank, Shapland was previously a partner at PwC and Stevens is the former head of Investec Private Bank in the UK.

John Jenkins, CEO of Amicus, said: “Applying for a banking licence is an important milestone for Amicus as we continue our growth journey. Becoming a bank will ensure we have the resources to grow, adapt and evolve our proposition in the market over the coming years.

“I am delighted to welcome David Fisher, Alex Shapland and Paul Stevens to Amicus. They have outstanding reputations in the financial services sector and will play an important role in strengthening our governance structure as we prepare for the next phase of our growth.”

Keith Aldridge (pictured), founder of Amicus and managing director of Amicus Property Finance, added: “From our modest beginnings in 2009, I am proud to be part of the ever expanding team driving our growth. This is positive news for Amicus Property Finance.

“Strengthening the board allows me to spend more time doing what I enjoy most, delivering for our customers and partners and capitalisation creates more capacity to deploy.”