In 2006, founders Rishi Khosla and Joel Perlman were trying to secure working capital to support their growth business, COPAL AMBA (now part of Moody’s Corporation). Despite having a good business with healthy cash flow, they found that banks were unwilling to help because the business had no property to act as security.
….we understand entrepreneurs/owner-managers, and the fact that their requirements often do not fit into standardised models. We believe that a funding partner needs to be able to understand the dynamics of a business, and structure lending to suit the business – opposed to the other way around."
Advert in Sunday Times 23.7.17. £600m lent to LEON, BRASSERIE BLANC, NOTES, WHITE BRASSERIE, BEL & THE DRAGON, GALLIARD HOMES, FROGMORE, LINTON GROUP, GODFREY, Z HOTELS, POCKET LIVING, THE COLLECTIVE…
Jun. 8, 2017 - OakNorth, the 'bank for entrepreneurs,' lent £300m last year | Business Insider.
"…made net income from its lending of £7.1m last year, up from £156,000 in 2015, its first year of operation. Pre-tax losses edged up slightly from £2.2m to £2.4m in 2016. ...the bank says it is already breaking even on a monthly basis and most of the losses come from investment into technology.
Customer deposits, attracted through a savings account, jumped from £10.9m to £202.3m in 2016. …. now has £350m from 10,000 savers. ...has raised £91.6m in equity funding to date.
... became the first bank to host its systems entirely on the cloud last May and the company's annual report details investment in machine learning and AI projects to help with credit modelling and loan origination. ...it is working on a system to "better predict real estate selling and rental prices" and to "benchmark and predict performance of new borrowers in sectors such as restaurants and catering."
Earlier this year tech-focused investment bank GP BULLHOUND named OakNorth as a fintech startup it believes could one day be worth over $1 billion."
26 Apr 2017 - ....makes it on to The Leap 100: the definitive list of fast-growth companies
11 Jan 2017 - ... becomes the first challenger bank to partner with British Business Bank on its ‘help to grow’ programme.
Nov 11, 2015 - INDIABULLS HOUSING FINANCE LIMITED buys 40 pct stake in OakNorth for £66m.
Chairman Cyrus Ardalan.
|OAKNORTH BANK LIMITED||2015-03-14 - 2018-04-25|
|OAKNORTH LIMITED||2013-07-03 - 2015-03-14|
- 8355 Banks
- Company Number
- Public Limited Company
- Company Age
- 5 years
- July 3, 2013
- Nature of Business
- 64191 - Banks
- Year End
- December 31
- Accounts Due
- June 30, 2019
- Latest Accounts
- December 31, 2017
We've been shortlisted for Tech Growth Business of the Year! 🙌🙌🙌 https://t.co/EJy0kU6M1e
Great to see our client @TritonExec featuring in @mattcaines recent piece for @TeleConnectSME on the different ways… https://t.co/FofszH2HPc
RT @SavingsChampion: 🔔 #RateAlert @oaknorth has returned to our cash ISA best buy tables today, launching two new accounts with leading rat…
@BanqNetwork @TransferWise @Klarna @RevolutApp @n26 @monzo @FundingCircleUK @atom_bank @Adyen @sumup… https://t.co/Qwq9tD6ENL
HUGE congratulations to @benbarbanel - our head of debt finance - who tonight won the Property Financier of the Yea… https://t.co/ezGnwoV7nx
Very exciting news for the business today! Huge thanks to our amazing team, our clients, our investors and everyone… https://t.co/6O0boYz7DY
RT @Ryan_Browne_: SoftBank Vision Fund invested $390 million into OakNorth, with the remaining capital coming from Clermont. An eye-waterin…
RT @Ryan_Browne_: NEW: OakNorth says it secured a $440 million million investment from SoftBank's Vision Fund and the Clermont Group, confi…
Delighted to have worked with @BBSCapital to provide Ziser London, the private family office, with £10m to acquire… https://t.co/4c7i3QZ8kW