OakNorth is a credit science platform that leverages machine learning, decades of credit expertise and massive data sets to model a forward-looking view of a borrower’s financial situation, that’s informed by industry benchmarks, macroeconomic drivers, and scenario analysis specific to that business.
|Location:||London, England, United Kingdom|
|Number of employees:||501-1 000|
|Founders:||Rishi Khosla, Joel Perlman|
Target geographic market:
|Products||Personal Savings/Business Savings (Fixed Term Savings, Notice Accounts, Easy Access Accounts); Business Loans (Property Finance, Coronavirus Business Interuption Loan Scheme, Coronavirus Large Business Interuption Loan Scheme)|
|Core product offerings for individual/retail customers||Business Loans|
|Pricing||Personal Savings (Fixed Term Savings: 0.43%-0.69% AER/gross, term: between 6 to 60 months; Notice Accounts: 0.40%-0.58% AER/gross (variable), term: 35,90 and 120 days; Easy Access Accounts: 0.20% AER/gross (variable), term: next-day access) / Business Savings (Fixed Term Savings: 0.35%-0.50% AER/gross, term: between 6 to 12 months; Notice Accounts: 0.30%-0.50% AER/gross (variable), term: 35,60, 95 and 120 days; Easy Access Accounts: 0.15% AER/gross (variable), term: next-day access)|
|The Base Currency||£ (GBP)|
|(a) a personal account||Yes|
|(b) a business account||Yes|
|Last Funding Date||Feb 8, 2019|
|Last Funding Amount||$440M|
|Total Funding Amount||over $848M|
|Customer/Products segments||Lending, Savings|
|Banking license||OakNorth secured a full banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in March 2015 and began deposit taking and lending six months later.|
|Type of customers||Individuals, Businesses|
|Number of investors||4|
|Number of lead investors||4|
|Names of lead investors||Hurstwood, Signet Hotel Group, Kolte-Patil Developers, Bright Minds Daycare|
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