Lending FinTech Oaknorth lands $100m funding

Acorn Oaknorth, a London-based FinTech lender, has secured $100 million in funding in a deal that values the company at $2.3 billion.

Oaknorth, the groups’ UK lending arm, will have a loan book of $2.8 billion by the end of the year and has lent more than $ 1.7 billion of new capital to more than 300 UK businesses since it secured a banking licence in 2015.

The group claims that its loans have directly helped with the creation of over 8,500 new homes and 8,000 new jobs in the UK.

The funding round was led by two Singaporean state-backed funds EDBO and GIC, along with NIBC bank, Clermont Group and Coltrane Asset Management, making up a 4.3 per cent holding in total.

The investment will be used to develop its machine learning credit monitoring platform Acorn Machine, which is currently licensed to more than 10 international banks.

The fresh funding will also be used to grow Acorn’s global operations, with the platform expecting by the end of the year to hold over $5 billion in assets under service across clients in the US, Europe and Asia along with offices in New York, London and Singapore.

Chu Swee Yeok, chief executive and president of the EDBI of Singapore, said: “By leveraging machine learning, proprietary and third-party data sources, as well as credit analysis competencies, we believe the platform can help address the underserved SME loans segment in the region, improving financial institutions’ cost efficiency and underwriting processes.”

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.