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’s combines: i) state of the art technology (built from scratch addressing customer’s needs), ii) offering the £20bn+ p.a. commercial broker market unparalleled service and an innovative remuneration model, and iii) experienced bankers based in empowered regional hubs. It should be more efficient than peers and will use technology to be close to customers. Funding will be via the deep best-buy retail deposit comparison sites.
The financial model assumes a market share of just 1% in 2027 from a potential market which is huge, under-served and where major incumbents have selectively become uncompetitive. Delivery of on our forecasts sees a highly profitable business.
If you'd like to be introduced to the team at B-North, get in touch.
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