SPORTA, a London startup trying to become the first fully authorised UK bank dedicated to sport, has received £5 million of new backing from the Lazaroo-Hood Group.
The investment is a follow-on from the group, which was SPORTA’s founding lead investor and is taking a seat on the board of the SPORTA Group. The company says the money will fund its team, technology, partnerships and the operating foundations it needs for a banking licence.
Not yet a bank
SPORTA does not currently offer banking services. It is seeking authorisation, and its ambition to become a fully authorised bank remains subject to regulatory approval. The company had earlier aimed to secure authorisation with restrictions in the third quarter of 2026, a target it has not yet announced as met.
The business was founded in 2024 by Andrew Smith, a co-founder of ClearBank, the UK’s first new clearing bank in around 250 years. Smith serves as chief executive.
The market it is chasing
SPORTA says the UK sports economy is worth around £100 billion, with roughly 43 million participants and about 151,000 clubs, yet lacks dedicated financial infrastructure. Smith has pointed out that only around one in five clubs finishes the year with a surplus, meaning most operate under financial pressure.
The plan is to offer banking and digital tools aimed at clubs, athletes and grassroots organisations, along with rewards for participants. The company describes the effort as building the home of UK sports finance, and positions it as an AI-native bank with a human touch.
Building the team
In September, SPORTA appointed David Wishart, formerly chief risk officer at Sainsbury’s Bank, to lead its risk strategy, a notable hire for a company that will need to satisfy regulators on controls before it can open accounts.
The company has also tapped community investors. An earlier Crowdcube round valued it at £35 million before the money went in, and raised around £123,000 from small investors.
What happens next
The key milestone is the licence. UK banking approval is a demanding process, and several would-be challengers have spent years navigating it. SPORTA’s backers are betting that a focused customer base and a well-known founder improve its chances.
If it succeeds, it could prompt established lenders to rethink how they serve specialist industries that need more than a generic digital account. If not, the sports sector’s financial pressures will remain a gap waiting for someone else to fill.