Wonder if anyone can help

[Marco1997]

Ive started a raffle business registred as a LTD company but everytime im trying to open a business account it gets denied due to the industry type being prohibited, ive tried places like tide anna etc and eventually i opened one with revolut but they denied me after a while too, can anyone give me some advice of where im going wrong? Its a new business so theres not much turn over and i have no one i can ask for help as raffles aint very popular, thanks in advance!

 

[Ozzy]

Have you read this thread?

Business bank account for raffle/competition business

Hi All Newbie here, so hopefully ive posted in the correct area. Anyway I am currently in the process of starting a UK based raffle/competition business run through my website. However I am really struggling to find a bank to facilitate a business bank account. I have approached Monzo...

www.ukbusinessforums.co.uk

 

[fisicx]

It’s a high risk business. Bank don’t like risk.

 

[Marco1997]

It’s a high risk business. Bank don’t like risk.

Yet there is 100s of people making thousands and selling houses & super cars, surely with the proper information and abit of determination its possible, its not like the bank is going to loose out on money as im the one putting the money in

 

[fisicx]

Yet there is 100s of people making thousands and selling houses & super cars, surely with the proper information and abit of determination its possible, its not like the bank is going to loose out on money as im the one putting the money in

That may be the case but banks consider your business to be something they don’t want to get involved with. As suggested in the other thread, there are some specialist banks but they will expect a large deposit as collateral.

I remember a sports club I was involved in who wanted to run a weekly raffle to raise funds. The bank advised them that doing so would be contrary to their terms.