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Q2 2021 update

- 1 SEP 2021

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Highlights

  • Series A round completed
  • Banking licence secured
  • Madis Toomsalu, CEO of LHV Group joins the Board as a representative of our anchor investor
  • Strengthening the Board –Deepak Haria joins the Board as an Independent Non-Executive Director
  • Terms agreed with a large Global Asset Manager for a securitisation facility of up to £50m
  • Manchester Pod team appointed and ready to start early lending in October.

 

Series A round completed and Banking Licence secured

  • Banking licence

Following completion of the Series A Round Bank North secured its banking licence and became a Bank (Authorised with Restrictions) on 24th August 2021.  

  • Series A funding

Our Series A round received substantial institutional backing from high quality investors including LHV Group, LHV Asset Management, Skipton Building Society, The Greater Manchester Combined Authority and Channel 4 Ventures. Their support is a further endorsement of the strength of the Bank North proposition.

The Series A completed at a share price of just over 17.6p per share. This is an increase of c17% on the most recent Bridge and Superseed rounds and a c76% increase on the original Seed round.

  • Early Lending

Now that we have secured our banking licence our focus turns to the commencement of lending activities. As you will see from the rest of this investor update –the technology is in place, the team is in place and the funding is in place. We look forward to issuing our first loans in October 2021. 

Jonathan Thompson, CEO Bank North

"After three years of intense endeavour against the most difficult of market backdrops – we have secured our banking licence! I would personally like to thank the entire Bank North team for their skill, professionalism and persistence."

Strengthening the Board

  • Madis Toomsalu, CEO of LHV Group joins Bank North Board

Madis Toomsalu is the CEO of publicly listed AS LHV Group, the biggest financial group in Estonia. He is also the Chairman of the supervisory board of LHV Bank, LHV Insurance and LHV Asset Management and the Chairman of the board of LHV UK Limited, which aims to become the most fintech friendly bank in the UK. Madis Toomsalu also belongs to the management of the NGO MTÜ FinanceEstonia. With a strong professional backround in financial markets and credit, Madis has experience in creating a EUR 2.5 billion credit portfolio providing necessary governance and leadership.

  • Bank North has appointed Deepak Haria to the board as an Independent Non-Executive Director (NED)

Deepak currently advises businesses in the UK, Asia and Africa and mentors early-stage Fintech and startup ventures. He was a partner with Deloitte and Andersen in the UK for 21 years, where his roles included Global Relationships & India Services Group Leader and India Financial Services Practice Leader. He has also dealt with central banks and regulators in many markets.

Madis Toomsalu, Non-Executive Director

"We are very excited to become a part of the Bank North story. Small and medium sized businesses are essential to a healthy economyand we have learned that to help SMEs reach their goals, a bank should really know their clients’ local marketplace. We can see many parallels between LHV and Bank North’s ambitions."

Early lending

  • Debt Facility

During October we will start lending from our first Pod in Manchester, which will be supported by a secured funding facility. We have now agreed terms on a debt facility for up to £50m with a well-established secured funding provider. Further legal and structuring work will take place over Q3 to establish the facility in readiness for our early lending activity.

  • Team development

The Flagship Manchester Pod team are ready to commence lending and have strong well-established relationships with the quality brokers we will be working with in early lending. Our lending platform 'BOLT’ enables us to deliver at pace and is ever evolving and enhancing to provide more capability.

Michael_Chris_Alison pictures

Manchester Pod team

Further development of the team...

  • Michael Thompson, Lending Director

Michael joins the team with a wealth of experience with over 25 years in commercial banking, His career started in Londonbut he soon headed North where he has spent the past 20 years specialising in all aspects of real estate finance. His knowledge of the North Westis extensive, having a home in the city he has always enjoyed visiting customers and developers on site, often choosing to walk where possible to get a real feel for the local areas

Michael Thompson, Lending Director

"I’m thrilled to have joined Bank North at such an exciting time. I’m thoroughly looking forward to commencing lending with a strong focus on building lasting customer relationships. It’s great to be onboard."

  • Chris Wilcox, Lending Director

Chris adds a great dynamic to the team with a strong background in supporting trading businesses with a career spanning 17 with both RBS and Santander. Having worked in fast paced businesses supporting large portfolios of SMEs Chris has proven to be a highly motivated and personable Lending Director, passionate about working with businesses in the local area. With great sector expertise and experience Chris will work closely with trading businesses and professionals locally to provide valuable support, guidance and finance structures.

  • Alison Barwise, Lending Manager

With 30 years + of banking experience Alison is well placed to deliver for our customers with a clear passion for customer service and delivery. Having worked in fast paced environments she is used to delivering at speed with no compromise on the quality of her work. Alison is a great addition to the team.