OakNorth in the clear with ClearBank payments tech
Challenger bank OakNorth will use ClearBank’s platform to provide real-time payments and agency banking.
OakNorth will start off by using ClearBank’s real-time Faster Payments infrastructure, allowing for instant payments.
Amir Nooriala, COO of OakNorth, says: “ClearBank’s API and virtual account support capabilities are best-in-class and in them, we’ve found a long-term, strategic partner who will enable us to provide an even faster and more seamless experience for our clients.”
OakNorth provides debt finance (from £500,000 to £45 million) to businesses and property developers and investors.
Since its launch, OakNorth has lent over £2.6 billion, and raised deposits from more than 36,000 savers.
Earlier this month, OakNorth closed a $440 million funding round with the SoftBank Vision Fund and the Clermont Group as it set its sights on international expansion.
ClearBank, on the other hand, is the first new clearing bank in 250 years, and was one of the three banks recently awarded some money in the first round of the RBS innovation fund.
The two banks are part of a very crowded UK challenger space. You can check our comprehensive list here.