Launched in September 2015, OakNorth is a UK bank that
provides fast, flexible and accessible debt finance (from £500k to £25m) to
fast-growth businesses and established property developers.
Since its launch, the bank has:
• Become the first UK bank to have its core systems fully-hosted on the cloud (May 2016);
• Turned cash flow positive in month 11 (August 2016);
• Grown its
loan book to £1bn, directly helping with the creation of 4,000 new jobs and
3,600 new homes, as well as adding over £4bn to the UK economy;
over £300m in investment from a number of investors, including: GIC, Toscafund,
Indiabulls, Coltrane and The Clermont Group, valuing the company at almost
$1.3bn (November 2017);
deposits from 20,000 savers; and
shortlisted for and won almost 20 awards, including City A.M.'s Bank of the
Year Award (2017).
The bank was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch OakNorth following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).
It is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation