R Raphael & Sons, operating under the trading name Raphael’s Bank, is a small independent bank based in the UK. Founded during the Napoleonic Wars in 1787 by Raphael Raphael, a Dutchman living in London, the bank remained in the Raphael family until 1983. Since 2004 it has been owned by Lenlyn Holdings Plc and operates as a subsidiary of that company.
In Germany and Italy, Raphael Bank is PayPal’s mobile payment provider, licensed by Visa and integrated into the Vodafone Wallet.
Raphael Bank was fined by the Prudential Regulation Authority in 2014 after an issue with inter-company transfers. The bank’s motor and asset loan accounts were acquired by Paragon Bank and are no longer managed by Raphael’s.
R Raphael & Sons Products and Services
Raphael’s Bank works with both personal and business banking customers, offering savings and payments products and services.
Savings and deposits accounts available include a 60-day notice account, a fixed rate bond and the Sapphire Account; however, the bank only issues a certain number of these accounts and is currently not offering them.
Raphael’s is a specialist issuer of prepaid and debit cards, with cards provided by VISA and Mastercard.
Raphael’s Bank is a member of VISA and MasterCard and operates as a specialist issuer of prepaid and debit cards, working with existing partners in the UK and European Union.
R Raphael & Sons Security
Raphael’s Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Eligible Deposits of up to £85,000 are covered by the Financial Services Compensation Scheme. Raphael’s is also a member of the Financial Ombudsman.