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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.