OakNorth Holdings has concluded a $440m funding round with the SoftBank Vision Fund and the Clermont Group, taking its primary and secondary funding to over $1bn.
The funding will be used to expand OakNorth’s SME loan origination and credit capabilities to North American lenders and drive the growth of the OakNorth Analytical Intelligence (ON AI) platform.
Rishi Khosla, co-founder of OakNorth Holdings, says: “We are excited to have another strong investor on board. With this finance from SoftBank and follow-on investment from Clermont, we will be able to continue scaling the group’s operations globally.”
Munish Varma, partner at SoftBank Investment Advisers, commented: “OakNorth is delivering a highly differentiated service to a key segment of the market that has historically been underserved by commercial banks. The company has a clear and ambitious vision to scale globally and we are excited to work with them to achieve this goal.”
OakNorth Bank has proved to be something of a rising star in the lending market, advancing over $3.7bn since formation. It is perhaps less well known for its fintech platform, OakNorth Analytical Intelligence, although it is probably this as much as straightforward ‘big lending numbers’ that lay behind the future prospects for the business.