Fast-growing challenger bank GB Bank has seen its balance sheet surpass 拢2bn.聽
The news comes after the London-based FinTech secured 拢90m in additional growth capital before hitting profitability just a few months later in October 2024.聽
The bank is looking to become the go-to funding partner of choice for UK SMEs.
It intends to continue broadening its suite of solution-driven lending, as well as strengthen its partnerships with the specialist non-bank lending community that also serves the market.
GB Bank provides its customers with funding including buy-to-let mortgages, specialist residential and commercial lending, and bridging loans both directly and via its broker network.聽
The bank also provides loans to SMEs and forward-flow arrangements to non-bank lenders.聽
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In February, the bank increased its loan limit to 拢20m per borrower in response to high demand from its clients.聽
With the latest capital injection, this is set to increase, enabling the bank to further expand its client base and collaborate with customers on more projects.
鈥淭his has been a period of rapid yet sustainable growth for the bank as we continue to tap significant demand for our fast, flexible financing solutions,鈥� said Mike Says, CEO of GB Bank.
鈥淲hile we are undoubtedly proud of hitting landmark figures, such as 拢2bn on our balance sheet, we are even prouder of reaching sustainable profitability in such a short time since securing our growth capital.
鈥淭his provides us with a robust platform for sustained future success 鈥� and we look forward to continuing our momentum over the coming months.聽
鈥淎t the heart of this success is our incredible, experienced team, driven by our collective mission to be the bank helping the people and businesses that drive our economy to fulfil their ambition, grow, unlock new opportunities, and make a lasting impact.鈥�