B-North secures £4.5m Series A investment from LHV Group to support banking licence application
LHV Group has committed £4.5m as part of B-North's ongoing £20m Series A fundraise.
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.
Manchester-based B-North has secured £4.5m in Series A funding from LHV Group for a 9.9 percent stake in the enterprise. The capital injection from the Estonian banking group forms part of B-North's wider £20m Series A fundraise, which must be completed before the company receives its full banking licence.
The fresh capital supports the firm as it works towards launching its regional SME lending model in the UK. B-North intends to deploy funds raised across the round to complete its regulatory approval process and ready its initial regional lending pods, with the first site slated to open in Manchester.
From the founder
"We are delighted to welcome LHV as one of our lead investors. It is great to have the opportunity to work alongside a business that shares our belief in the importance of backing growing enterprises – and one that has a strong track record for doing so."
Jonathan Thompson
Co-Founder and CEO at B-North