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

Oct 13, 2017 · uktech.news

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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.

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