SME-focused challenger bank CivilisedBank is giving up its banking license? Yep. The U.K.-based bank announced today that it will release its license and instead focus on building its IT platform.

In today’s statement, Chris Jolly, non-executive chairman of said:

The Board, with the support of our main shareholder Warwick (Capital Partners, its largest shareholder), has decided to reapply for a banking license rather than try to rush through our current IT development phase. For us, it is essential that we can deliver an optimal customer offering, so we prefer to delay this stage of our development and have more time to get it right.

CivilisedBank received its banking license in May 2017.

Read more on CivilisedBank and Finextra.