OakNorth to deploy lending platform for Dutch lender Oimio
Netherlands-based real estate lender Oimio has signed a deal with OakNorth to deploy the latter’s loan structuring platform.
The newly-launched Oimio focuses on lending to small and medium enterprises (SMEs) with a target loan size of €1-10 million.
Jeroen Belt, founder of Oimio, says that “small and medium-sized commercial real estate investors need a partner they can trust who can provide them with finance that is customised to their unique needs quickly.
“We are excited to work with OakNorth, our trusted partner in setting up this new platform. Through deploying OakNorth’s Platform we hope to achieve a similar positive impact OakNorth Bank has had in the UK.”
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OakNorth, which operates as a challenger bank in the UK market, licenses its lending technology to firms outside of its home country. It believes that by leveraging machine learning, credit science and massive data sets, lenders can better serve SME clients.
It received a bumper $440 million in funding from the SoftBank Vision Fund in February 2019, and signed up with ClearBank that same month for its real-time payments clearing. The firm claims to have lent a total of $5 billion so far.
“We know from leveraging the Platform via OakNorth Bank in the UK, that the positive multiplier effect of supporting small and medium-sized businesses is substantial,” says Rishi Khosla, co-founder of OakNorth.
“Through licensing our platform to other banks and lenders around the world, we’re enabling them to replicate what OakNorth Bank has achieved in the UK, and in turn, multiply this multiplier effect.”
He adds: “In Oimio, we’ve found a committed partner who shares our vision to fix small and medium-sized business lending, so we’re delighted to be working with them to achieve this.”