"It’s no secret that SME owners have been short on love from many of the established players in the SME finance market."
New UK-based start-up, Project BankNorth, has launched into the SME lending market.
The founding team boasts prior experience from Metro Bank and Atom Bank, as well as high street lenders such as Santander.
BankNorth’s regulatory journey is already underway, and the company is undergoing a seed capital raise to drive forward the process of regulatory approval.
CEO Jonathan Thompson has 26 years’ experience in the industry, including roles at Santander and Deloitte, whilst chairman Craig Iley brings more than 33 years’ banking experience, most recently as a founder of Atom Bank.
Jonathan Thompson, CEO, said: “It’s no secret that SME owners have been short on love from many of the established players in the SME finance market. There is a clear opportunity to set new standards for delivery and simultaneously transform the expectations of entrepreneurs and business owners alike.”
Craig Iley, chairman, added: “SMEs are the backbone of UK economy, they need banking partners who understand their needs whilst efficiently and proactively supporting them and helping them to grow. That’s why we’re launching Project BankNorth – a customer first, flexible and fast-paced lender.
“The initial response to our funding drive has been above expectation with both institutional and individual investors supporting the team and our unique approach.”