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.
65, Curzon Street
|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
RT @BdailyLondon: Developer secures £15.3m backing from @oaknorth for multi-million pound homes in #Wimbledon Village https://t.co/qNFbeTZF…
RT @PWNews: OakNorth serves up Coronado loan for luxury Wimbledon development https://t.co/9q2ankOQVT https://t.co/2GOfqCzNE4
Great speaking to Richard Hook at @PropertyWeek about our latest property finance deal: a £15.3m loan to Coronado t… https://t.co/Uz91DtwxxD
In our latest edition of OakNorth Meets, Craig Stevens, founder of Warwick Estates, discusses his experiences and h… https://t.co/zmH9i9sOA9
RT @FStechnology: .@OakNorth names Amir Nooriala as COO https://t.co/IdpEbIhgQ4
RT @RossGallagher07: I sat down with @oaknorth and @acornmachine CEO and co-founder @rishi_khosla at @StartupGrind to chat about the amazin…
@charlyadtweet Hi Charles, temporarily but we don't have a timeline confirmed yet. Many thanks, VK
RT @Finextra: Company announcement: OakNorth appoints Barclays veteran and former MD of B... https://t.co/uT64sUTy7z #fintech
Didn't catch @RossGallagher07's interview with our CEO and co-founder, @rishi_khosla, at @StartupGrind Europe last… https://t.co/ZknAHkoi7D