Bank North has received its banking licence from the UK’s PRA
By Joy Dumasia
Bank North becomes the UK’s newest SME bank, having been granted its banking licence by the UK’s Prudential Regulation Authority. The bank will open the doors of its first lending Pod in Manchester later this year, before a managed roll-out across the UK. It will start lending in October 2021, delivering flexible, borrower-friendly and fast-paced support for businesses.
Its model is unique, built on seamlessly integrated, cloud-native banking technology, which powers a network of regional ‘Pods’, where experienced bankers will deliver committed finance to businesses up to ten times faster than the industry standard.
These pods are the backbone of a unique de-centralised model where loans are tailored to the circumstances of each business, locally decisioned and locally delivered – a much-needed antidote to the UK’s heavily centralised, standardised banking system, which has left many businesses with no local contact at their bank, and where support has been steadily degraded over the last decade.
Jonathan Thompson, Founder and CEO of Bank North, said: “This is a landmark for the team at Bank North who have been working tirelessly to build the most customer-focused bank possible. Our model is groundbreaking, and there has never been a more compelling backdrop to launch a new regional bank for the UK, as the country looks to build back better and recover from the ravages of the COVID-19 pandemic. 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. We’re here to help these businesses thrive.”
Ron Emerson CBE, Chair of Bank North, commented: “I am delighted that Bank North has secured authorisation from the PRA. This represents a significant vote of confidence in our business model and our team, and I am confident that Bank North will be delivering much-needed funding to the SMEs of the UK at speed over the coming months.”
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