Next-generation UK challenger bank focused on transforming lending for SMEs

About Bank North

Bank North is a start-up established to build a challenger bank focused on lending to the small and medium-sized enterprises (SMEs) that drive the UK economy.

The experienced board and management team at Bank North are combining market-leading cloud-native technology with people to deliver a superior banking service to the SME market for clients typically seeking between £0.5 million to £5 million loans.

In June 2018, Growth Capital Ventures began working with the start-up established to build a challenger bank to raise seed capital of circa £4.5 million. This initial round of funding enabled Bank North to progress with their banking license, assemble a highly-experienced and ambitious management team, and further develop their FinTech enabled lending platform. Following on from the seed round, GCV has continued to support Bank North in raising further funds through a second round of investment in December 2019, resulting in a further £2.8 million of investment.

The latest round of investment places Bank North in a position to further strengthen the existing management team and continue building the infrastructure ready for launch and scale up.