UK challenger bank Bank North ends crowdfunding

Bank North, a UK-based challenger bank, has closed its latest crowdfunding campaign on £2.2m, surging past its initial target of £1.3m.

Its crowdfunding campaign, which was held via Crowdcube, received support from 953 investors. In total, the challenger bank issued 3.29% of its equity to the investors.

Bank North raised the money at a £65.4m pre-money valuation, with shares priced a £0.25 apiece.

The company was founded in 2018 and received its banking license in August 2021. It was built on the vision for the best SME lending bank in the UK and capitalise on the £150bn SME lending market. Its focus is on loans between £500,000 and £5m.

With the fresh investment funds, the company hope it can start lending to companies.

The FinTech company has raised a total of £30m in funding to date. It previously secured £1.75m in another Crowdcube campaign back in 2020.

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