Bank North Secures UK banking licence from PRA

Fazzaco learned that Bank North has obtained an Authorised with Restrictions (AWR) banking licence from the UK's Prudential Regulation Authority (PRA).

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With this banking licence, the firm aims to start lending in October 2021, delivering local on-demand support for businesses through its cloud banking technology.

The firm detailed that it has also closed a successful Series A funding round from investors including LHV Group, Skipton Building Society, Channel 4 Ventures and Greater Manchester Combined Authority.

The funds will be used to support the development of new technology and provide operating capital.

Bank North CEO and founder Jonathan Thompson said, "SMEs will be the lifeblood of economic recovery. We owe it to the UK's innovators and entrepreneurs to help them access the funding that will enable them to grow and create opportunity across the country."