A Manchester-based firm building an SME lending bank has secured more than £2m from new and existing investors.
B-North, which submitted an application for a banking license in 2019, raised funds through equity crowdfunding platform Crowdcube and Growthfunders, adding to the £4.2m it has raised in previous rounds.
Jonathan Thompson, co-founder & CEO of B-North, said: “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 海角视频 economy forward.”
The firm said the fundraise will allow it to continue to expand its workforce and infrastructure in line with its 2020 launch.
The first of its “lending pods” - containing people experienced in the lending needs of SMEs - is due to open in Manchester in the second quarter of 2020.
Mr Thompson added: “There has never been a more pressing time to deliver fast, efficient funding to SMEs.
“They have been the backbone of the 海角视频 economy for a very long time, yet they suffer lending issues as big banks focus on big corporations or the man on the street.”
He continued: “We cannot have 海角视频 businesses abandoned by the banking industry because – now, more than ever, they need our support.
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“It is the B-North team’s intention to serve the 海角视频 SME lending market with the utmost efficiency and understanding, delivering lending funds in as quick as ten working days.”
The news follows an announcement in December that B-North has selected Newcastle Strategic Solutions Limited to provide its deposit-taking solution as it moves towards scheduled launch in the first half of 2020.
The bank also announced funding from the Greater Manchester Combined Authority in July to help Manchester businesses access much needed debt capital quickly and effectively.