OakNorth Finance Sponsor
Launched in September 2015, OakNorth is a UK bank that provides fast, flexible and accessible debt finance to entrepreneurs, mid-sized growth businesses and property developers.
In the last two years, the bank has:
- Secured a £66m investment from Indiabulls (November 2015);
- Became the first UK bank to have its core systems fully-hosted on the cloud (May 2016);
- Broken even and turned cash flow positive (August 2016),
- Grown its loan book to over £500m
- Raised over £280m in retail deposits from more than 7,000 savers;
- Been named as one of 17 UK fintech businesses that could one day be worth $1bn (April 2017);
- And been listed on The Leap 100: the definitive list of the UK’s most exciting and fastest-growing businesses (April 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.
Unlike incumbent banks who tend to only accept real estate as collateral to secure loans against, OakNorth considers multiple assets including: stock, debtors, intellectual property, and plant and machinery. It also gives clients the ability to discuss their loan requirements and growth ambitions directly with the Credit Committee. This personal and transparent process enables deals – from first meeting to disbursement of cash – to be typically completed in weeks rather than the months it takes at larger institutions.
Clients include: Z Hotels, SGS Hotels, Whittlebury, LEON, Notes Coffee, Pocket Living, The Collective, Work.Life, Longshot, Paul Godfrey, Frogmore, and The Linton Group.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit oaknorth.com for more information.