Insight Partners led the Series C round, which included participation from Augmentum Fintech, Kennet Partners, and CIBC.
"The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019."
The Manchester-based challenger bank will deploy the capital to expand its workforce and infrastructure ahead of its scheduled market entry.
"The strength of investor response is testament to the B-North offering and the quality and efficiency of lending that we can deliver to help SMEs fulfil their potential, thereby driving the UK economy forward."
Project A and Index Ventures co-led the Series A round to support geographic expansion and technological development.
"We firmly believe that digitally-enabled experiences will develop into a leading category in the entertainment space. eT has created a truly unique approach that has been very well received by initial customers. We are very happy to back this incredible team."
The company secured backing from institutional investors and family offices across Europe with plans to expand the round to EUR 25m.
"We are very grateful for the broad support and trust of our new investors at such a pivotal moment for us. Omnio is building on ten years of innovation and customer commitment, and now we are ready to accelerate our market expansion and benefit from an opportunity that will shape the future of banking for the next 20 to 30 years. Our low-cost, modular, and fully cloud-based digital banking platform is proving to be the key ingredient for banks and non-banks catering to their customers for an improved and more engaged financial services offering."