ThisBank to raise US$6.9m in US debt offering

ThisBank Ltd, the UK-based digital lender formerly known as JN Bank UK, raised some US$6.9 million in a debt offering, according to a notice filed with the US Securities and Exchange Commission (SEC). It is the latest capital development for an institution that bled losses under Jamaican ownership before being sold and rebranded. Jamaica National Group Ltd retains a 6.37 per cent stake in ThisBank. "We did not participate nor assist in the structuring," JN CEO Earl Jarrett told the Financial Gleaner on Tuesday. The Form D filing was submitted mid-May and signed by ThisBank’s CEO Christopher Waring. Three investors participated. No sales commissions or finders' fees were paid, and the filing records zero proceeds earmarked for payments to executives, directors or promoters. The filing lists the issuer's previous names as JN Bank UK Ltd and Jamaica National UK Ltd, and records its registered address as City Bridge House, 57 Southwark Street, London. ThisBank was created through the transformation of JN Bank UK, which had been running at roughly £1 million in monthly losses before its sale. On January 19, 2026, JN Bank UK was formally renamed This Bank Ltd, with the rebrand reflected on both the Companies House register and the Financial Conduct Authority's register. The sale that precipitated the name change was completed in September 2024. According to the JN Group's audited financial statements for the year ended March 2025, JN Financial Group Limited — the Jamaican holding company — disposed of 80.1 per cent of its interest in JN Bank UK to Step One Money UK Limited, an unrelated party, for consideration of £20 million. JN Financial Group ultimately retained 6.37 per cent after it did not participate in further capital calls made by ThisBank in June and September 2025. Step One Group Limited, the ultimate parent, is incorporated in Guernsey. The JN Group's annual report recorded the disposal as a loss, noting that the exit provided "significant relief to the Group's capital call demands" from the UK subsidiary, which had recorded pre-tax losses of £11 million in the prior year and £5 million in the year of disposal. The SEC filing names several executives at the London address, including Waring as CEO, Dianne Augustin as chief operations officer, Declan Halton-Woodward as chief transformation officer, Nick Isaacs as interim chief risk officer, Warren Justice as CFO and director, and Anand Mishra as chief data science and technology officer. Ronald Denholm is listed as chairman of the board. business@gleanerjm.com