Key figures for Paragon Banking Group 2018-2022

The Paragon Banking Group plc is a United Kingdom (UK) headquartered challenger bank that specializes in mortgages and personal loans. The three lending divisions that make up Paragon Bank includes mortgages (including buy-to-let), commercial lending and Idem Capital which specializes in the acquisition of loan portfolios. The Paragon banking Group has gone against the general trend seen in banks across the UK and actually increased the number of employees in 2022.

Challenger banks

The term 'Challenger Bank' is used as a description of banks and financial services that were created after the Global Financial Crisis and have made significant impact in 'challenging' incumbent large banks or have had a significant impact on the market. KPMG describe four main areas in which challenger banks have appeared in the market in the United Kingdom. These include full-service retail banks such as CYBG/Virgin Money, Metro Bank, TSB Bank and the Co-op, Specialist lenders such as OneSavings Bank and Aldermore, retailer banks including Tesco's and Sainsbury's and Digital Banks. As the newest and perhaps the most exciting facet of challenger banks, Digital banks are mobile app-based banks that do not have a physical presence on the high street. Due to their simplicity and ease of use they have attracted significant attention from customers and investors alike.