B-North secures £2m in seed follow-on funding via Crowdcube and Growthfunders to support its upcoming 2020 launch.
The Manchester-based challenger bank will deploy the capital to expand its workforce and infrastructure ahead of its scheduled market entry.
B-North is building a regional SME lending bank for the United Kingdom. The firm combines regional lending pods with a cloud-based system to speed up business loans.
B-North has secured more than £2m in a seed follow-on funding round through equity crowdfunding platforms Crowdcube and Growthfunders, building on £4.2m raised previously. The capital will support the ongoing expansion of the company team and infrastructure ahead of its planned launch in the first half of 2020. This latest influx of backing allows the Manchester-based challenger to establish its initial regional lending pods, starting with Manchester in the second quarter.
The firm has made steady operational progress, having recently selected Newcastle Strategic Solutions for deposit-taking services and previously integrating technology from nCino and Mambu. B-North also submitted its banking licence application to regulators in the third quarter of 2019 and appointed former British Business Bank chair Ron Emerson to lead its board.
From the founder
"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."
Jonathan Thompson
Co-Founder and CEO at B-North
Use of funds
- 01Grow the team
- 02Build out infrastructure