SoftBank leads $440m funding round in UK challenger bank OakNorth
UK challenger bank OakNorth has closed a $440 million funding round with the SoftBank Vision Fund and the Clermont Group as it sets sights on international expansion.
The funding will be used to expand OakNorth’s SME loan origination and credit capabilities to North American banks and lending institutions.
In addition, it will promote its OakNorth Analytical Intelligence (ON AI) platform, already being used by banks across the US, Europe and Asia with combined assets of over $800 billion.
One example includes NIBC Bank in the Netherlands which participated in the $100 million fundraising the group closed in September 2018.
Richard F. Chandler, chairman of Clermont Group, says OakNorth is “proving to be an emerging champion in the financial services sector” and “building a strong and resilient business with an innovative business model”.
This round takes OakNorth Holdings’ total primary and secondary funding to over $1 billion, “more than any other fintech in Europe”.
Since its launch, the bank says it has lent over $3.7 billion and raised deposits from more than 34,000 savers.
We have put together a comprehensive list of the known UK challenger banks to date and the technology they are using.