{"id":9934,"date":"2020-01-02T12:25:11","date_gmt":"2020-01-02T12:25:11","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=9934"},"modified":"2021-12-23T06:20:23","modified_gmt":"2021-12-23T06:20:23","slug":"uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/","title":{"rendered":"UK SMEs: B-North Cruises Through Latest Fundraising Round As It Closes In On Launch"},"content":{"rendered":"
\"\"
UK SMEs: B-North Cruises Through Latest Fundraising Round As It Closes In On Launch<\/figcaption><\/figure>\n

B-North, the Manchester-based firm building an SME lending bank for the UK, has secured in excess of \u00a32m of fund raising from new and existing investors through equity crowdfunding platform Crowdcube and Growthfunders, adding to the \u00a34.2 million it has raised in previous rounds.<\/p>\n

The news follows the announcement in December that B-North has selected Newcastle Strategic Solutions Limited to provide its deposit-taking solution as it moves towards scheduled launch in the first half of 2020.<\/p>\n

The fundraise will allow B-North to continue the planned expansion of its workforce and infrastructure, in line with launch. Essential lending solutions for SMEs<\/a> will be initiated through the establishment of its regional \u2018Lending Pods\u2019, the first of which is expected to open in Manchester in Q2 2020. B-North\u2019s proposed regional pod model and cloud banking technology will allow it to lend up to ten times faster than other banks in order to help SMEs grow and develop.<\/p>\n

Jonathan Thompson, Co-founder & CEO of B-North, said:\u00a0\u201cThe strength of investor response is testament to the B-North offering and the quality and efficiency of lending that we can deliver to help SMEs fulfil their potential, thereby driving the UK economy forward.\u201d<\/em><\/p>\n

Throughout 2019, B-North has consistently delivered on its goal to build a bank for SMEs\u2019 specific lending needs. In September, it announced that its cloud-based system would be jointly run by nCino and Mambu, the first time that both providers have integrated their solutions for business lending. This first-of-its-kind platform will provide a highly efficient \u201cminimum hassle\u201d service to B-North\u2019s SME customers.<\/p>\n

In Q3 2019, B-North was invited by the Regulator to submit its application for a Banking Licence, following positive feedback on its business model.<\/p>\n

\"\"
B-North launch at King Street Town House, Manchester on July 2019<\/figcaption><\/figure>\n

B-North also appointed\u00a0Ron Emerson, first Chair of the British Business Bank, as its Chair. As head of\u00a0the UK government’s economic development bank, Ron was responsible for improving access to finance for the small and mid-sized business sector. During his three years at the helm of BBB, the bank mobilised around \u00a37 billion of new money\u00a0 for the sector, funded more than 40,000 new start-ups and delivered the Northern Powerhouse and Midlands Engine funds totalling in excess of \u00a3600 million.<\/p>\n

The B-North proposition is important to the future prosperity of the UK as there are 5.6 million small businesses currently operating, comprising 61% of the UK workforce<\/a>. This is expected to increase as the UK\u2019s relationship with the EU evolves and it becomes more reliant on \u201chome-grown\u201d enterprise.<\/p>\n

Jonathan Thompson added:\u00a0\u201cThere has never been a more pressing time to deliver fast, efficient funding to SMEs. They\u00a0have been the backbone of\u00a0the 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 \u2013 now, more than ever, they need our support. It is the B-North team\u2019s intention to\u00a0serve the UK SME lending market with the utmost efficiency and understanding, delivering lending funds in as quick as ten working days.\u201d\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

B-North, the Manchester-based firm building an SME lending bank for the UK, has secured in excess of \u00a32m of fund raising from new and existing investors through equity crowdfunding platform Crowdcube and Growthfunders, adding to the \u00a34.2 million it has raised in previous rounds. The news follows the announcement in December that B-North has selected […]<\/p>\n","protected":false},"author":7,"featured_media":9935,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3666],"tags":[3511,6555,3993,3600],"acf":[],"yoast_head":"\nUK SMEs: B-North Cruises Through Latest Fundraising Round As It Closes In On Launch - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"B-North, the Manchester-based firm building an SME lending bank for the UK, has secured in excess of \u00a32m of fund raising from new and existing investors\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK SMEs: B-North Cruises Through Latest Fundraising Round As It Closes In On Launch\" \/>\n<meta property=\"og:description\" content=\"B-North, the Manchester-based firm building an SME lending bank for the UK, has secured in excess of \u00a32m of fund raising from new and existing investors\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-02T12:25:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-23T06:20:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2020\/01\/manchester-cityscape.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"UK SMEs: B-North Cruises Through Latest Fundraising Round As It Closes In On Launch\",\"datePublished\":\"2020-01-02T12:25:11+00:00\",\"dateModified\":\"2021-12-23T06:20:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/\"},\"wordCount\":555,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"entrepreneurship\",\"Manchester\",\"SMEs\",\"UK SMEs\"],\"articleSection\":[\"Entrepreneurship\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/\",\"url\":\"https:\/\/www.footballthink.com\/uk-smes-b-north-cruises-through-latest-fundraising-round-as-it-closes-in-on-launch\/\",\"name\":\"UK SMEs: B-North Cruises Through Latest Fundraising Round As It Closes In On Launch - 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