• FOUNDING YEAR: 2015
    LOCATION:
    United Kingdom
    REGION:
    Last Update:
    8 Aug, 2019
    Global presence:
    United States, Singapore, Singapore

Description

FOCUS

PRODUCTS & SERVICES:
OakNorth provides a cloud based fintech platform ACORN, that leverages machine learning to enable banks automate and accelerate data-driven decision making process throughout the loan cycle. It adopts a private equity approach to portfolio monitoring and credit analysis methodology for corporate loans. Additionally it offers various FSCS-protected savings accounts for individuals and businesses including fixed-term, notice and cash ISA accounts, etc.

PEOPLE

FOUNDERS:
Rishi Khosla(CEO), Joel Perlman(CSO)
Board Members and Advisors:
Lord Adair Turner, Lord Francis Maude, Nicholas Lee
NUMBER OF EMPLOYEES:
51-200
INVESTORS:
EDBI, NIBC, Clermont, , General Insurance Corporation of India, Toscafund Asset Management, Level Ventures, Amalthea Capital, Indiabulls Group
KEY EMPLOYEES:
Cristina Alba-Ochoa(CFO), James Cashmore(CRO)

TRACTION

COMMENT:
The company has loan book of £1.7bn and raised deposits from c.20,000 savers to date and has over $5bn of assets under service on its platform by year end. (Sep. 2018)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$1 Billion
DATE OF LAST FUNDING:
Feb 2019
TOTAL FUNDING COMMENT:
The company will use the funds to accelerate the growth of ACORN machine and to continue scaling its lending efforts in the UK. (Sep. 2018)
SEED & PRIOR FUNDING:
$34.81 Millions
SEED CLOSED ON:
Jan 2015
FUNDING SERIES:
SERIES A
$100.3 Millions Closed: Nov 2015
SERIES B
$440.89 Millions Closed: Sep 2018
LISTED:
NO
COMMENT:
The company raised $440 Mn funding amount in undisclosed round in Feb 19.

LATEST RESEARCH