We announced an extension to our Bridge Round fundraising a few days ago and we're delighted to announce that it has so far raised more than £560,000, exceeding the £500,000 target.
We will use the investment to further extend cash runway as the business continues to make strong progress with the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) licensing process and closes in on completing a £20m 'Series A' funding round.
The latest crowdfunding success follows on from previous raises on the GrowthFunders and Crowdcube platforms, as well as securing investment from the Greater Manchester Combined Authority and Channel 4 Ventures and a £4.455m commitment from leading Estonian banking group LHV.
Once licensed, we will operate via a UK-wide network of ‘lending Pods’ to provide finance dynamically to regional SME businesses that are often poorly served by traditional lenders. Through our network, combined with a state-of-the-art cloud-native banking system, we aim to deliver loans to businesses 10x faster than the industry standard. The first of B-North's Pods are expected to open in Manchester later this year. We aim to disrupt the UK's £150 billion SME lending market by establishing the first truly regional lending bank in 150 years.
Investors wishing to take part in our latest funding round can find more details here.