OakNorth is a digital only bank which provides banking services for individuals and businesses. It received full banking licence approval in 2015. OaKNorth offers SME lending platform that provides debt finance to businesses and real estate property developers/investors. It offers finance to small and medium-sized businesses between £500k to £40M.
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.
Rishi Khosla(CEO), Joel Perlman(CSO)
Board Members and Advisors:
Lord Adair Turner, Lord Francis Maude, Nicholas Lee
NUMBER OF EMPLOYEES:
EDBI, NIBC, Clermont,, General Insurance Corporation of India, Toscafund Asset Management, Level Ventures, Amalthea Capital, Indiabulls Group
Cristina Alba-Ochoa(CFO), James Cashmore(CRO)
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)
DATE OF LAST FUNDING:
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:
SEED CLOSED ON:
$100.3 Millions Closed: Nov 2015
$440.89 Millions Closed: Sep 2018
The company raised $440 Mn funding amount in undisclosed round in Feb 19.