OakNorth secures £154m investment
Written by Chris Lemmon
UK business bank OakNorth has secured a £154 million investment from The Clermont Group, Toscafund and Coltrane.
The new funding will enable OakNorth to continue supporting UK businesses and launch its ACORN platform to lenders around the world. ACORN enables lenders to originate, underwrite, monitor, and book transactions faster. Its cloud-based technology sources millions of data items on SMEs across various parameters, sectors, and markets, and then uses machine learning algorithms to pull out the pieces of data that lenders need to make more informed credit decisions.
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.