SME lending bank B-North has closed its latest crowdfunding campaign in excess of £2m.
The capital was supplied by new and existing investors on the crowdfunding platforms Crowdcube and Growthfunders.
Having closed the round, the FinTech is looking to expand its workforce and infrastructure. Capital will also help the creation of its regional ‘lending pods’, the first of which is planned for launch in Manchester in Q2 2020. Through the regional pods and its cloud banking technology, the company hopes it can lend up to ten-times faster than other banks.
Founded in 2018, B-North is an online lending platform for SMEs, giving them access to quicker and simpler access to loans. The platform is currently seeking a UK banking licence.
B-North co-founder and CEO Jonathan Thompson said, “There has never been a more pressing time to deliver fast, efficient funding to SMEs. They have been the backbone of the UK economy for a very long time, yet they suffer lending issues as big banks focus on big corporations or the man on the street.
“We cannot have UK businesses abandoned by the banking industry because – now, more than ever, they need our support. It is the B-North team’s intention to serve the UK SME lending market with the utmost efficiency and understanding, delivering lending funds in as quick as ten working days.”
This investment comes shortly after B-North selected Newcastle Strategic Solutions to provide its deposit-taking solution. With the agreement, B-North will be able to open and manage accounts as it gears towards its launch later in 2020.
Last year, the company partnered with SaaS banking engine Mambu and bank operating system nCino to support its core banking technology.
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