B-North Raises £250k investment from GMCA

Manchester-based firm B-North recently received a follow-on £250,000 investment from the Greater Manchester Combined Authority(GMCA), which had previously invested in the firm's 'Seed' funding round. As a result, B-North has now raised more than £9m since launching and is closing in on its £20m 'Series A' fundraise.

In addition, the company also secured an advertising-for-equity deal with Channel 4 Ventures to build significant awareness of its new proposition amongst retail customers after receiving its banking licence.

Jonathan Thompson, Co-Founder at CEO of B-North, commented: “I am delighted that GMCA continues to support B-North and we look forward to working with them to drive forward the regional economy. And I am thrilled that Channel 4 Ventures have also invested in B-North. There is a tremendous strategic fit between our two businesses and the investment is a humbling vote of confidence.”

Councillor David Molyneux, GMCA Lead for Investment and Resources, said: “As Greater Manchester’s economy recovers it is vital our SMEs are supported with access to finance. It’s often these businesses that are overlooked by traditional lenders, but they will be essential to help with the revival of our city-region’s economy.

"This additional GMCA investment will support B-North as it seeks authorisation to launch a bank headquartered in Greater Manchester and improve access to finance in the region. The provision of quick and efficient finance to SME’s will be much needed if we’re to fulfil our post-Covid recovery ambitions and that is why the GMCA is pleased to invest in B-North.”

Vinay Solanki, Head of Channel 4 Ventures said: “We have been seriously impressed by the management team of B-North and are really looking forward to helping them raise awareness to our upmarket and affluent audiences when they fully launch their consumer offering. Moreover, we hope to be a long-term investment partner for B-North, as it is a business that is deeply aligned with our own mission as a public service broadcaster that plays an important role in the UK SME ecosystem.”