SME neobank Bank North to wind down

Bank North, an SME-focused UK neobank, is set to wind down after failing to raise a new funding round. 

Bank North has been trying to raise a £50m series B funding round, according to documents seen by AltFi, from investors since May at a valuation of £106m. At the same time, worsening economic conditions amid high inflation have made venture funding volumes drop.

Read more: AltFi