B-North, a UK based company business credit company, now looking for £ 1,750,000 through his crowdfunding campaign on Crowdcube. The company now offers 10.94% of equity at a pre-currency valuation of £ 14,247,942.
Founded in 2018, B-North aims to change the face of business credit by aiming to lend up to ten times faster than other banks in order to help SMEs grow and develop. The company revealed:
“B-North wants to disrupt the UK £ 154 billion business loan market. The majority of loans to SMEs are made through the large High Street banks and our experience shows that they often use outdated “old” systems, rigid lending policies and centralized and anonymous processing centers. SMBs may have to skip steps and face an impersonal ‘computer says no’ approach, and our experience shows that it can take more than four months before they get their money, so that their development plans may have to be put on hold. “
B-North previously raised £ 4.2million and aims to secure its banking license in the first quarter of 2020. It will then aim to start lending shortly thereafter.
The campaign has so far raised more than £ 1.5million, with the company currently raising investment from new and existing investors through the Growth Capital Ventures platform. Crowdcube added that the investment is reflected on the Crowdcube platform to clarify the fully diluted position. which will be available to investors after the completion of the entire investment cycle. It was then noted that the pre-money B-North valuation includes an additional investment of £250,000 seed funding, which is not reflected on the pitch bar. The campaign is expected to end at the end of December.
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