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, 2020
- Latest Accounts
- December 31, 2018
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MARKET: Biotech Clusters to Ransomware
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List: GRID companies profiled on Directorzone
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MARKET: Foodtech to Smart Cities
Congrats to the whole team @TransferWise 👏 https://t.co/RZah6q1r2E We enjoyed being Europe's most valuable #fintech whilst it lasted! 😄
RT @kexgill: @oaknorth @HullUniQuarter @PropertyWeek Thank you for helping to make it happen. #flexiblebanking
Huge congrats to our client @kexgill for winning the #RESIAwards Asset Manager of the Year with University Quarter… https://t.co/lFB7rBdZeF
@monzo @JayBox325 Behind every great #fintech partnership is an office dog 🐶 Meet Roger, our very own labradoodle.… https://t.co/bNbmjg0wZu
Delighted to welcome the @InnFin team to our offices this morning for their second public policy forum - reps from… https://t.co/UEzDASQ9NA
We're thrilled to have worked closely with the team at @CresseyCollege to provide them with a £2.5m loan to support… https://t.co/g1NKB3pYbV
Excited to see the release of the next AXA Growth Leaders Series event: Making Wellbeing Work with @TheSupperClubUK… https://t.co/INRTx1tGN1
We spoke to @davidbrear and @sytaylor from @11FS about our launch into the mortgages market for the latest episode… https://t.co/6T3QDvauSq
RT @FinTechInsiders: 🎙FI 321🎙 @davidbrear and @sytaylor were joined by @ValKristensen, @Ryan_EP, @louissutts and Rebecca Duckworth to talk…