OakNorth Is ‘Best Fintech On The Planet’

OakNorth Bank is Europe’s most valuable fintech company according to a fintech expert writing for Forbes.

OakNorth has a $2.8bn valuation, so says the report. It has raised $1bn todate and lent $4bn to British businesses without a single credit default. Earlier this year it secured an investment of $440m, the largest of any fintech in European history.

The business is also described as a ‘rare breed of fintech unicorn’ as it is profitable, reporting a 220% increase in pre-tax profits to £46m in its third full year of operation.

Lawrence Wintermeyer, fintech contributor to Forbes says: “Whilst other European neo banks have succeeded in attracting large numbers of customers and closing nine-digit investment rounds, OakNorth is the only one to turn a profit and in a short period of time. This, in addition to a high quality proposition that meets a real market gap, a high quality lending book, high quality proprietary in-house developed technology, a high quality team and experienced founders, and high quality investors, makes for one of the best fintech recipes on the planet.”

OakNorth is becoming well known in the property industry for its backing for some high profile development projects. However, it is perhaps less well known for what is probably the real secret of its success – its fintech platform, OakNorth Analytical Intelligence, which uses AI to assist lenders to implement accurate and timely lending policies and streamline the process of providing business finance.

Source Forbes
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