County Durham fintech firm GVC teams up with new SME lender on £1m fundraise trail

County Durham fintech firm GVC teams up with new SME lender on £1m fundraise trail

A County Durham fintech firm has teamed up with a growing SME lender to fundraise £1m as it moves closer to gaining regulatory approval.

Growth Capital Ventures (GCV), based in Newton Aycliffe, announced the fundraise which is part of a £20m series A fundraising round, designed to give B-North the capital it needs to finalise its banking licence process.

Before this latest raise, B-North had completed two fundraising rounds worth a combined £6.9m.

Tapping into the UK SME lending market which has a stock of over £150bn, Manchester-based B-North will deliver loans of between £500,000 and £5m and is built upon the premise of operating regional ‘lending pods’, which include underwriters, valuers, and account managers, to improve the borrowing experience and build face-to-face relationships with businesses and the brokers which support them.

Source: Chronicle Live

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