B-North, a UK-based business lending company, is set to close its equity crowdfunding campaign on Crowdcube with more than £2 million in funding secured. The investment round has attracted nearly 500 Crowdcube investors. As previously reported, B-North is now looking 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.
“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 The majority of SME lending is via the big High Street banks and our experience shows they often use outdated ‘legacy’ systems, rigid lending policies, and faceless, centralised processing centres.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, which secured a seed raise of £4.2m in 2018, is currently aiming to receive its banking license in the first quarter of 2020 and will aim to start lending shortly after.
“Bringing together over 200 years of blue-chip financial services experience, B-North will combine leading-edge technology and innovation to deliver an outstanding borrowing experience for SME businesses. B-North also intends to offer competitive savings products to UK retail consumers and business customers.”
B-North is currently offering 11.77% in equity at a £14,247,942 pre-money valuation through the campaign.
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