OakNorth has penned a five year deal to provide its AI-driven credit analysis platform to Dutch bank NIBC Bank.

The enterprise-wide agreement is the first technology deal between OakNorth and a bank to be publicised, and is evidence of the company’s plans to monetize its proprietary software and data analytics and credit decisioning platform.

The commercial agreement with NIBC, a mortgage broker and lender to small and medium-sized corporate customers in Europe, will involve onboarding a large portion of NIBC’s existing corporate loan book and helping NIBC explore further opportunities with medium-sized growth businesses.

The deal has been signed after a nine month pilot implementation.

OakNorth said the platform would help NIBC to enhance its efficiency and data-based insights with regards to credit analysis and monitoring services.

OakNorth became Europe’s most highly valued FinTech in February after securing $440m in a funding round led by SoftBank, which valued the company at $2.8 billion.

The company operates both and SMEs loans business and licences its technology to financial institutions.

The FinTech, co-founded by Rishi Khosla in 2015, uses machine learning to make credit analysis decisions from a wide pool of data sources from the borrower in addition to scenario analysis and third party data sets.

Commenting on the deal, Khosla said: “After nine months of working together, NIBC has now decided to enter a five-year commercial agreement with us which is testament to the positive impact they can see the technology having on their commercial lending business going forward.”

The partnership between the two firms started with a minority investment in 2018.

Paulus de Wilt, chief executive of NIBC Bank, said: “We look forward to further strengthening our relationship with the bank and helping medium-sized businesses secure debt finance solutions tailored to their needs.”

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