Bank North Launch Series A/B Bridge Investment Round
06 Dec 2021
Bank North obtained its banking licence in August 2021 and has made a lot of progress in their first quarter, with the commencement of lending the next big milestone in the coming months.
- Technology: Bank North lending platform, BOLT, has been through rigorous testing and is now fully operational
- First Pod: the flagship Manchester Pod is in place with a high-calibre team, steeped in the craft of SME lending
- Lending pipeline: the first wave of Commercial Finance Broker Partners have been onboarded and in less than 3 months since becoming a bank Bank North has received over £60m of inbound lending enquiries
- Debt facility: Terms are agreed for a debt facility of up to £50m with a large global asset manager
Bank North are now launching a retail raise, this will enable Bank North to demonstrate traction and prove the Pod model in the market, building recurring revenues ahead of the Series B round in early 2022. In simple terms, the more equity, the more debt to draw down, the more lending can be issued and the stronger the position and valuation will be ahead of Series B. This is the core objective of the new A/B Bridge Round – to provide capital for loan book growth. Here is the link to invest: