B-North, a UK-based business lending company, has now raised more than £1.9 million through its equity crowdfunding campaign on Crowdcube. The company’s initiative originally sought to raise a minimum of £1,750,000. B-North is currently offering 11.77% in equity at a £14,247,942 pre-money valuation.
As previously reported, B-North aims to change the face of business lending by aiming to lend up to ten times faster than other banks in order to help SMEs grow and develop. The company revealed:
“B-North wants to disrupt the £154 billion UK business lending market. The majority of SME lending is via the big High Street banks and our experience shows they often use outdated ‘legacy’ systems, rigid lending policies, and faceless, centralised processing centres. SMEs can have to jump through hoops and face an impersonal ‘computer says no’ approach, and our experience shows that it can take more than four months before they get their cash, so their development plans may have to be put on hold.”
B-North previously raised £4.2 million and is aiming to receive its banking license in the first quarter of 2020. It then will aim to start lending shortly after. Crowdcube recently stated that the investment is reflected on the Crowdcube platform to provide clarity as to the fully diluted position that will be available to investors after completion of the entire investment round.
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