E.U.-based alternative lending company B-North announced this week it landed $2.6 million (£2 million) in new funding. The investment comes as part of crowdfunding efforts via Crowdcube and Growthfunders.
Combined with the $5.5 million (£4.2 million) the company has already raised, today’s round brings B-North’s total funding to just over $8 million, according to FSTech. The company will use the new capital to increase its workforce and boost its infrastructure.
While B-North has yet to launch, the company plans to do so in “mid-2020.” Taking a step in that direction, last month B-North partnered with Newcastle Strategic Solutions, which will provide a deposit-taking solution for the new lender.
While there are multiple alternative lending companies in the fintech sector, B-North aims to differentiate itself by lending up to 10x faster than incumbent players, placing core banking functions closer to the customer, and tapping its commercial ﬁnance broker channels for distribution. Much of this will be accomplished through “lending pods,” as the company calls them, which will launch across Manchester in the second half of this year.
B-North was founded in 2015. Jonathan Thompson is co-founder and CEO.