UK challenger bank OakNorth joins tech unicorn club with £154m raise

Oct 13, 2017 · uktech.news

Rishi and joel 898x505

UK challenger bank OakNorth has raised £154m in equity, reaching a valuation of $1.3bn.

The firm, which seeks to provide fast debt finance (£500,000 to £20m) to UK businesses, drew investment from The Clermont Group, Toscafund and Coltrane.

OakNorth received the funds in exchange for a 16% stake in the business.

OakNorth will use the funds to launch ACORN – its AI powered data platform – worldwide.

Rishi Khosla, CEO and co-founder of OakNorth, commented: "It has been an incredible and extremely humbling two years for OakNorth – we’ve had the chance to work with some of the UK’s most inspiring and ambitious entrepreneurs, and have helped over 150 businesses achieve their growth ambitions. While we have reached an £800m loan book in two years, we know that this represents just a fraction of the businesses that need financing support. This funding will enable us to boost our lending by an additional £1.5bn and add thousands more jobs and homes in the UK.

Read Complete Article

Digital leadership, Digital foundations, & Digital ambassador - @camdentheo, LDN's 1st @LDN_CDO, outlines next step… https://t.co/BkhhLibfH1

At City Hall, we will do whatever we can to champion the rights of the trans community. https://t.co/4k9KIqlthx

Addison Lee partners with Ford to bring #AutonomousVehicles to London https://t.co/ACXxRZ02ki

This ransomware-spreading botnet will now screengrab your desktop too https://t.co/6SdCshNobn @dannyjpalmer https://t.co/BNsDPp9Bsy

Fitness wearables: the future is invisible https://t.co/ZLF2pFqm51 #fitness #technology #wearables #fitbit https://t.co/wWtPiAyck2

Tech.London Weekly

×