Bank North is a fintech-enabled bank, which will combine cloud-native technology with the trust of face-to-face relationship banking with the aim of disrupting the £150bn UK SME lending market. Receiving their banking licence in August 2021, Bank North has raised over £30m in capital to date.
Bank North was founded with a singular vision: ‘Create the best SME lending bank in the UK and disrupt the massive £150bn SME lending market’.
This is a market that was and still is being systematically abandoned by the high-street lenders – even today when the UK needs their support the most, there's a ~£22bn funding gap for SMEs across the UK.
Bank North is focused on setting new standards for delivery and customer service in the SME marketplace, with highly experienced bankers supported by partnerships providing best in class technology.
Bank North will focus on solid bankable SME lending opportunities in the £0.5m to £5M loan range. The service will be delivered using the Bank North Regional Pod model where each Pod contains key decision makers to work with the Broker/SME customers to fully understand their borrowing requirements.
The Pod model has been designed to provide customers with certainty, flexibility and fast access to funds, with time to cash predicted to be days or weeks rather than months.
Commencement of lending is our next big milestone. This will enable us to demonstrate traction and prove our Pod model in the market, with a goal of building recurring revenues. The core objective of our Crowdcube raise – to provide regulatory capital for loan book growth. It is also an opportunity for retail investors to participate in our first capital raise as a bank.