Bank North (former B-North) secures full banking licence, raises GBP 20 mln

Friday 27 August 2021 13:34 CET | News

UK-based Bank North, has received a banking licence by the UK’s Prudential Regulation Authority (PRA), allowing the company to evolve within the SME banking market, according to AltFi.

The newly accredited digital bank Bank North, which changed its name from B-North upon securing its licence, has also raised a GBP 20 million Series A funding round to help it get its lending off the ground. Banking licences are hard to come by and take years of preparation but the UK-based digital banking space just got its latest fully-fledged member.

The newly minted SME-focused digital bank will open the doors to its first lending pod in Manchester later in 2021 before rolling out its services across the UK. Bank North’s lending pods will be equipped with in-branch lending experts to help ensure that regional SMEs get the support and guidance that they need.

After opening its first lending pod, Bank North will begin lending in October 2021, helping regional SMEs get back on their feet after a tumultuous year. Bank North’s lending pods will see the bank offer loans tailored to the circumstances of each local SME.

The bank has also closed a GBP 20 million Series A funding round from new and existing investors, including the likes of LHV Asset Management, Skipton Building Society, Channel 4 Ventures, Greater Manchester Combined Authority, and Steve Davis, entrepreneur and CEO of Grantside Ltd. Bank North’s funding round will help it kick off its lending activities later in 2021.

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Keywords: rebranding, banking licence, investment, SME lending, digital banking
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech