OakNorth has secured a £154m investment as it looks to lend a further £1.5bn to UK businesses in 2018 and take its fintech platform global.
The latest investment has come from The Clermont Group, Toscafund and Coltrane.
Launched in September 2015, OakNorth is a UK bank providing debt finance of between £500,000 to £20m to UK businesses, and has been particularly active in the real estate market. In 25 months, it has grown its loan book to over £800m with clients including Frogmore, Galliard Homes, and The Collective. The three investors have purchased a 16% stake.
Rishi Khosla, chief executive and co-founder of OakNorth, said: “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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