|Private company limited|
|J H A Quitter (Chairman)|
|Products||personal savings, multi-currency ATMs, consumer credit, prepaid cards, credit cards|
|Revenue||£ 91.6 million (2013)|
|£ 38.2 million (2013)|
|£ 4.1 million (2013)|
Number of employees
R. Raphael & Sons plc, trading as Raphaels Bank, is a small UK-based independent bank that provides prepaid and credit card services, personal savings products, consumer credit, and a multi-currency ATM network.
It was established in 1787 by Dutchman Raphael Raphael who moved to London at the start of the Napoleonic Wars. The bank was owned by the Raphaels family until 1983 and has been owned by the Lenlyn Holdings plc since 2004.
In early 2016, plans became public that PayPal will use Raphael Bank to offer Mobile Payment Services in Germany and in Italy, by integrating into the Vodafone Wallet. In April 2017, Vodafone Germany announced the availability of PayPal in the Vodafone Wallet, referring to R Raphael & Sons plc as the provider, and licensed by Visa.
In March 2019, it was reported in the press that Raphaels Bank would soon be closing after failing to attract a buyer. The shareholder, Lenlyn Holdings, had been trying to sell it since 2015. The book of motor loans had been sold to Paragon Bank in 2018 and the pre-paid card business had been closed down. The bank commented that while they were gradually withdrawing from other lending activities, they continued to maintain existing services.
R Raphael & Sons was founded by Dutchman Raphael Raphael, in 1787. Raphael built up a considerable wealth during the Napoleonic wars, and later diversified the business to include stockbroking, foreign banking and bullion broking.
Successive generations of the Raphael family moved into public share issues, raising loans for European governments, and transactions in American railway stocks in Europe. In 1890, Raphael's was a major contributor to the Bank of England fund to rescue Barings Bank.
The Raphael family finally severed links with the bank in 1983. Since 2004, the bank has been a subsidiary of Lenlyn Holdings. The bank is sited in Piccadilly, London and at Walton Lodge, in Walton, Aylesbury a grade II listed building, part of Walton Terrace.
In May 2019 the Bank of England and the UK Financial Conduct Authority fined the bank £1.89million because it had failed to properly supervise the companies to which it outsourced large parts of its operations. This had resulted in thousands of its customers being unable to use their payment cards on Christmas Eve in 2015.
- "Raphaels bank issues prepaid card for RAC customers". SourceWire news distribution. May 27, 2014.
- "Raphaels Bank Regulatory Status". Financial Conduct Authority. Retrieved August 23, 2014.
- "About us - A proud tradition of dedicated personal service and expertise". Raphaels Bank. Retrieved August 15, 2014.
- "PayPal - jetzt auch in der Vodafone Wallet" (in German). Vodafone. Retrieved June 15, 2017.
- "Lack of buyers puts an end to UK's Raphaels Bank", BankingTech. March 11, 2019,
- "About Raphaels". Raphaels Bank. Retrieved June 15, 2017.
- "Raphaels fined £1.3m for improper controls". The Telegraph. November 27, 2015.
- "UK regulators fine Raphaels Bank 1.89 million sterling over card payment failure", Reuters. May 30, 2019.