B-North looking to crowdsource £1.75m

British business lender hopeful B-North has launched an equity crowdfunding campaign on Crowdcube, aiming to raise £1.75m at a £14.24m valuation.

The company is giving away 10.94% equity in the raise and has, as of Monday December 9, raised £1.52m from 130 investors.

B-North was launched in 2018 and hopes to become the UK’s next big bank focusing on providing capital for British SMEs.

By doing so, it hopes to “disrupt the £154bn UK business lending market,” according to a statement filed alongside its Crowdcube pitch.

It aims to reduce the number of hoops SMEs have to go through in order to access funding.

It has submitted a banking licence application and is expecting the decision of that in the first three months of 2020.

FinTech Global has previously written about how the bank-in-the-making has signed up banking engine Mambu and the bank operating system nCino to provide its core banking technology.

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