Bank North has now ended and was successfully overfunded

Bank North

FinTech Business - North West

Bank North

About Bank North

Bank North is a fintech-enabled bank, combining cloud-native technology with the trust of face-to-face relationship banking to disrupt the £150bn UK SME lending market.

Receiving their banking licence in August 2021, Bank North has raised over £30m in capital to date, with Series A - a £21.4m raise - seeing investors including LHV Group, Skipton Building Society and Greater Manchester Combined Authority backing Bank North.

With Bank North using their funds to date to establish their core team, build both the lending and deposit-taking platforms and successfully complete the rigorous banking licence process, commencement of lending is the next big milestone.

Enabling Bank North to demonstrate traction, prove their Pod model in the market and build recurring revenues ahead of their Series B round in 2022. The more lending Bank North can issue, the stronger their position and valuation will be ahead of Series B.

The Market

The UK SME lending market currently has outstanding stock of £150bn with the demand for the delivery of bank debt support to SMEs rapidly evolving.

The British Business Bank estimates that there is a £48bn unmet demand for debt annually.

PSD 2 “Open Banking” is reducing the power of the current account relationship, with businesses increasingly being encouraged to consider alternative funding providers.

  • Lending relationships have been eroded over time.
  • Rigid centralised credit policies don’t fit SMEs (growth and scale-ups).
  • The lending process is painfully slow and bureaucratic.
  • More and more SMEs relationships are conducted through call centres.
  • Non-bank lenders are expensive.

This has been exacerbated by the market dislocation with existing lenders focused on collections and closed for new business.

Bank North is focused on setting new standards for delivery and customer service in the SME marketplace, with highly experienced bankers supported by best in class technology.

The Company

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 the key decision makers to work with the Broker/SME customers to fully understand their borrowing requirements.

Bank North’s delivery mechanism offers rapid initial credit decisions and simultaneous full approval, valuation and legal processes, which will provide customers with certainty, flexibility and fast access to funds, with time to cash predicted to be days or weeks rather than months.

The Team

Bank North’s team have an unparalleled track record in gaining new banking licences and scaling SME banking businesses.

Find out more about the team and their track record →

The Plan

Target Exit Strategy
Potential exit events could be an IPO or strategic sale.

Target Investor Returns
Target Investor Returns are illustrated on page 9 of the Investment memorandum. As with all investments, returns are indicative and not guaranteed.

Find out more about Bank North's plan and exit strategy →


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£245,400 invested by 72 online investors
£1,129,800 invested by 61 Professional Investors.