B-North, an upcoming Manchester-based challenger financial institution for small and medium enterprises (SMEs), has raised £250,000 in funding. It additionally inked a take care of Channel 4 Ventures.
The Better Manchester Mixed Authority (GCMA), a seed investor in B-North, supplied the funding. Channel 4 signed an advertising-for-equity deal.
B-North, which has but to obtain a banking licence, is hoping the latter will assist it increase consciousness.
The 2 offers are a part of B-North’s Sequence A funding spherical, focused at £20 million in complete.
B-North is planning on establishing regional SME lending pods to supply finance to native companies. The primary of those, in Manchester, plans to open in 2021.
“I’m delighted that GMCA continues to assist B-North,” says Jonathan Thompson, CEO of B-North. “We stay up for working with them to drive ahead the regional economic system.”
He highlights a “large strategic match” between Channel 4 Ventures and B-North. Thompson calls their involvement a “humbling vote of confidence”.
The anti-London financial institution
Thompson has beforehand told Fintech Futures his agency is the “antithesis to everybody arrange in London”.
He has in contrast massive banks within the UK to department shops “usually okay at doing numerous issues”.
B-North picked nCino and Mambu in September 2019 to energy its core banking know-how. It was a pioneer person of a co-created system from the 2 distributors.
David Molyneux, GCMA lead for funding and assets, says it’s “important” town’s SMEs have entry to finance.
“It’s typically these companies which are missed by conventional lenders, however they are going to be important to assist with the revival of our city-region’s economic system.
“This extra GMCA funding will assist B-North because it seeks authorisation to launch a financial institution headquartered in Better Manchester and enhance entry to finance within the area.”