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.
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