BetFred founder Done to chair CardOne Banking
Fred Done, founder of independent UK bookmaker BetFred, is to become chairman of challenger bank CardOne Banking.
Done, who started the BetFred chain with his brother Peter in 1967, will now oversee the challenger bank that offers current accounts to more than 20,000 people and business in the UK.
CardOne charges customers a monthly fee of £12.50 (€15.77/$19.55) and does not allow them to go overdrawn.
Done said that the company, which has been generating profits of more than £1 million on revenue of around £6 million, is looking at achieving a banking licence.
The BetFred founder also confirmed that CardOne is currently considering various acquisitions and is hoping to begin lending money by the middle of 2015.
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