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Bank North was a Manchester, England-based financial technology company and challenger bank that provided localized, cloud-based commercial lending services to small and medium-sized enterprises before entering a solvent wind-down in late 2022. The institution targeted regional businesses and commercial real estate developers with loan facilities typically ranging from £500,000 to £5 million. During its operational period, the company raised approximately £20 million in early funding and achieved an estimated valuation of £82 million during a 2021 crowdfunding campaign. After failing to secure a required £50 million Series B round to lift its restricted banking license from the Prudential Regulation Authority, the firm sold its lending portfolio and technology stack to Estonian banking provider LHV Group for £26.4 million. Originally launched as B-North, the enterprise was founded in 2018 by Jonathan Thompson, David Broadbent, and Craig Iley.
Bank North has raised $25.1M across 2 funding rounds.
Bank North has raised $25.1M in total across 2 funding rounds.
Bank North has raised $25.1M across 2 funding rounds. Most recently, it raised $6.1M Series A in August 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 25, 2021 | $6.1M Series A | Madis Toomsalu | Channel 4 Ventures, Greater Manchester Combined Authority, Skipton Building Society | Announced |
| Jan 1, 2021 | $19M Series A | — | Outrun Ventures | Announced |
North (formerly North American Bancard) is a leading financial technology company specializing in payment processing solutions, not a traditional bank. It provides end-to-end payment technologies including credit, debit, EBT, check conversion, ATM, gift/loyalty programs, and online payments, processing over $100 billion in annual electronic transactions for businesses of all sizes.[1][2] Serving merchants from small businesses to large enterprises, North solves payment friction by offering integrated hardware, software, developer tools, and merchant services, with a mission to deliver the largest suite of fully integrated credit card processing and analytics on a single platform.[2] As a top 10 non-bank merchant acquirer with 1,300+ employees and partnerships with hundreds of thousands of merchants, it demonstrates strong growth momentum through consistent acquisitions and innovation.[1][2]
Founded in 1992 by Marc Gardner, who remains CEO/President, North began as North American Bancard in Troy, Michigan, focusing on merchant services.[1][2] Gardner was named Ernst & Young Entrepreneur of the Year after the company hit 50,000 merchants and $100 million in revenue.[2] Key milestones include reaching 1,000 employees in 2016, multiple acquisitions like Point & Pay (2010), Velocity (2013), Total Merchant Services (2017), and PayTrace (2021), and launching products such as Payanywhere mobile payments in 2011 and the Developer Portal in 2021.[1] The 2024 rebrand to North marked its evolution into a comprehensive fintech platform, building on decades of scaling from a regional processor to a national powerhouse.[1][2]
North stands out in the payments industry through:
North rides the fintech wave of digital payments acceleration, fueled by e-commerce growth, mobile adoption, and demand for omnichannel solutions post-pandemic. Its timing aligns with merchants seeking frictionless alternatives to legacy bank processors, capitalizing on market forces like rising transaction volumes and regulatory shifts favoring non-bank innovators.[1][2] By enabling small-to-enterprise businesses with affordable, scalable tools, North influences the ecosystem as a founding Automation Alley member, fostering innovation in automation and business growth while reducing reliance on traditional banking infrastructure.[1]
North is poised for continued dominance through further acquisitions, AI-enhanced analytics, and expanded developer tools amid booming digital transaction trends. Evolving regulations and embedded finance will amplify its role, potentially pushing volumes beyond $150 billion as it integrates emerging tech like real-time payments. This positions North as a pivotal enabler in the shift to unified payment platforms, building directly on its legacy of simplifying commerce for the next era of business scale.[1][2]
Bank North has raised $25.1M in total across 2 funding rounds.
Bank North's investors include Madis Toomsalu, Channel 4 Ventures, Greater Manchester Combined Authority, Skipton Building Society, Outrun Ventures.
