Bank North, the UK challenger bank for SMEs, is crowdfunding on the GrowthFunders platform, aiming to raise £1 million ahead of its Series B round.
The bank received its banking licence in August 2021 and raised £21.4 million in Series A funding around the same time, bringing its total funding to over £30 million.
Among its existing investors are LHV Group, Skipton Building Society and Greater Manchester Combined Authority.
Bank North will focus on providing lending solutions to the UK’s SME sector in the £500,000 to £5 million loan range. The service will be delivered via its network of “regional pods” across the country.
The new funds, it says, will enable the bank “to demonstrate traction, prove its pod model in the market and build recurring revenues ahead of its Series B round in 2022”.
It adds: “The more lending Bank North can issue, the stronger its position and valuation will be ahead of Series B.”