B-North aims to raise capital ahead of getting its banking licence (due spring 2020) and attacking the huge, profitable and poorly served SME lending market. B-North combines i) state-of-the-art technology (built from scratch to address customers’ needs), ii) offering an unparalleled service/innovative remuneration to the £20bn+ p.a. commercial broker channel, and iii) experienced bankers based in empowered regional hubs. It should be lower cost than peers, and technology will bring it close to customers. The financial model leads to a market share of just 2.5% in 2027. Delivery of this sees a highly profitable, and valuable, bank, in our view.
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