B-North is raising capital ahead of getting its banking licence (due spring 2020). It will then attack 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 the £20bn+ p.a. commercial broker market an unparalleled service and an innovative remuneration model, and iii) experienced bankers based in empowered regional hubs. It should be more efficient than its peers, and will use technology to be close to customers. The financial model assumes a market share of just 2.5% in 2027. Delivery of this sees a highly profitable, and valuable, business, in our view.
If you'd like to be introduced to the team at B-North, get in touch.Request a meeting