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
RT @ES_JoBourke: A partnership backed by property tycoon Christian Candy has secured new funding from challenger bank OakNorth to start bui…
RT @SBankingNews: Amir Nooriala, COO @oaknorth talks about how to make the most of savings in 2019 https://t.co/817pA7xVQu
Our CIO, Sean Hunter, discussing how we’re leveraging #bigdata and #AI to unlock the potential in bespoke lending t… https://t.co/DaFBtW5xED
RT @rebankpodcast: Is the stage set for a UK #banking shakeup? We sat down with Cristina Alba Ochoa and Valentina Kristensen of @Oaknorth…
@dscape Thanks Nuno - hopefully our paths will cross in the future if you're ever looking for a loan to scale furth… https://t.co/x2smfLdXLs
Great to speak to @SimonDukeTimes @thetimes about the genesis of OakNorth, our journey so far and our plans for the… https://t.co/lede59pc7I
RT @ValKristensen: "Khosla thinks investors are starting to realise that the economics of b2b fintechs are often more advantageous than the…
RT @ghtrainer: @ericschmidt - lets help the post docs become entrepreneurs #CFElecture. @eeuk has a workshop on exactly this on Dec 11th at…
RT @FrankieJ4m3s: ‘You have the inspiration, the culture and history. What you need now is the entrepreneurs, and to encourage subject expe…