By Daniel Lanyon on Friday 8 January 2021
Small business lender B-North, which is pursuing a banking license, has also landed a deal with Channel 4 Ventures.
Manchester-based fintech B-North has secured a follow on investment of £250,000 from SME banking challenger the Greater Manchester Combined Authority.
The SME banking challenger had previously seen investment from GMCA in the firm’s ‘Seed’ funding round. B-North has secured an advertising-for-equity deal with Channel 4 Ventures, which will allow B-North to market its services directly to retail customers once B-North has received its banking licence.
Councillor David Molyneux, GMCA Lead for Investment and Resources, said: “As Greater Manchester’s economy recovers it is vital our SMEs are supported with access to finance. It’s often these businesses that are overlooked by traditional lenders, but they will be essential to help with the revival of our city-region’s economy.
“This additional GMCA investment will support B-North as it seeks authorisation to launch a bank headquartered in Greater Manchester and improve access to finance in the region. The provision of quick and efficient finance to SME’s will be much needed if we’re to fulfil our post-Covid recovery ambitions and that is why the GMCA is pleased to invest in B-North.”
B-North was founded in 2018 by former Santander and Atom Bank executives and is in the process of applying for its banking licence. It also counts Ron Emerson, founding chairman of the British Business Bank as its chair.
Jonathan Thompson, Co-Founder and CEO of B-North said: “I am delighted that GMCA continues to support B-North and we look forward to working with them to drive forward the regional economy.
“And I am thrilled that Channel 4 Ventures have also invested in B-North. There is a tremendous strategic fit between our two businesses and the investment is a humbling vote of confidence.”