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Bank
INTERNET | Internet Software & Services / Accounting & Finance
oaknorth.com

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Founded Year

2015

Stage

Secondary Market - II | Alive

Total Raised

$990.52M

Valuation

$0000 

Last Raised

$34M | 5 days ago

Revenue

$0000 

Mosaic Score

+30 points in the past 30 days

What is a Mosaic Score?
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

About OakNorth

OakNorth is a start-up specialist bank that provides business and property loans, as well as personal and business savings.

OakNorth Headquarter Location

57 Broadwick Street

London, England, W1F 9QS,

United Kingdom

+44 0161 713 4071

Latest OakNorth News

Share sale values British fintech firm OakNorth at $5 billion

Sep 27, 2021

Download PDF / Print Quick Take Goldman Sachs advised on the $34 million transaction, according to sources. advertisement Shares in OakNorth have changed hands in a deal that values the British fintech bank at $5 billion — more than double its last reported valuation. Indiabulls Housing Finance Limited, which took a 40% stake in OakNorth in 2015, has sold a portion of its stake for 251 crores (roughly $34 million), according to a regulatory filing on September 24. It is not clear which investors bought the shares. Three people familiar with the matter said the secondary transaction valued OakNorth at $5 billion. They added that Goldman Sachs, the investment bank, had acted as an advisor on the deal. Late last year, Indiabulls sold roughly 7.7% of its stake in OakNorth in two transactions for approximately $145 million. The sales took place at a valuation of around $2 billion, representing a discount to OakNorth’s previous valuation of $2.8 billion — negotiated when it raised $440 million from SoftBank Vision Fund and Clermont in February 2019. A spokesperson for OakNorth declined to comment. Goldman Sachs was contacted for comment but did not respond by press time. A profitable fintech Founded in 2013 by Rishi Khosla and Joel Perlman, OakNorth is a challenger bank that lends primarily to small and medium-sized businesses in the United Kingdom. It is advised by former chancellor of the exchequer Lord Philip Hammond and Lord Adair Turner, former chairman of the Financial Services Authority. From an early stage, the company has proven an outlier within the fintech sector by consistently turning a profit. Earlier this year, it reported pre-tax profits for 2020 of £77.6 million. Khosla has often spoken of how OakNorth’s use of artificial intelligence — a system it also licenses to other lenders including NIBC and Sumitomo Mitsui Banking Corporation — gives it an edge underwriting loans. Khosla used to tell conference audiences that OakNorth had never suffered a default, but the Financial Times reported a rash of some £97 million in defaults in February 2021 ( roughly 2% of the bank’s loan book at the time ). Khosla has history with Indiabulls. More than two decades ago, he managed the venture capital and private equity activities of Indian steel magnate Lakshmi N. Mittal’s family office. In this role, he oversaw an investment in Indiabulls , where he then served as a director. © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Research containing OakNorth

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CB Insights Intelligence Analysts have mentioned OakNorth in 2 CB Insights research briefs, most recently on Jun 24, 2021.

Expert Collections containing OakNorth

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

OakNorth is included in 6 Expert Collections, including Banking.

B

Banking

698 items

U

Unicorns- Billion Dollar Startups

836 items

D

Digital Lending

1,123 items

This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.

A

Automation in Banking

380 items

Startups providing solutions to banks to automate processes and operations.

S

SoftBank Investments 2017-2019

146 items

F

Fintech

10,803 items

Excludes US-based companies

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