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
- 4 years
- July 3, 2013
- Nature of Business
- 64191 - Banks
- Year End
- December 31
- Accounts Due
- June 30, 2019
- Latest Accounts
- December 31, 2017
RT @emilyjnicolle: 🏦 << This is just the @oaknorth emoji now, and no one can convince me otherwise.
RT @SophieWinwood: We are holding spring @InnFin member drinks 🌸 on the 3rd of May - come join! There will also be a FinTech raffle to supp…
RT @InnFin: Breaking Into FinTech 101: hear from Sophie Winwood (@InnFin ), Ina Yulo (@BrightTALK), Valentina Kristensen (@OakNorth), Kathr…
RT @smablaw: Our #RealEstate #Finance team advised @oaknorth on providing a loan for a housing development in #Bristol. https://t.co/jFyE26…
RT @PatBrennan21A: Great to hear about success of @oaknorth in leveraging cloud based infrastructure to support its growth as a UK banking…
Our CFO, Cristina Alba Ochoa, joined a @BloombergLive panel yesterday, discussing how businesses can best embrace t… https://t.co/Th1EZiR6iG
RT @tradegovukUSA: 🇬🇧 is the 🌎 capital of FinTech – London alone is home to 17 of the top 50 international firms in the space. Let @tradego…
RT @BloombergLive: Live now: https://t.co/E4I6qqhJ17 @johnfraher talks to CFOs from @oaknorth @goustocooking @ManGroup @debeersgroup @Nime…
Our team are on their way to the @PropertyAwards where we’re up for Financier of the Year! Our head of debt finance… https://t.co/V2hdWEGEca