OakNorth
Description
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.
Overview
| Type: | Private |
| Foundation year: | 2015 |
| Location: | London, England, United Kingdom |
| Number of employees: | 501-1 000 |
| Founders: | Rishi Khosla, Joel Perlman |
| Website: | https://www.oaknorth.co.uk/ |
Target geographic market:
Europe
About Product/Service
| 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 |
Funding rounds
| Last Funding Date | Feb 8, 2019 |
|---|---|
| Last Funding Amount | $440M |
| Total Funding Amount | over $848M |
Financials
| 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 |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Tinkoff Bank Tinkoff Bank is a credit card company and a first... | 2006 | Private | Challenger banks, fintech |
x BankMobile BankMobile is a mobile application that offers a... | 2015 | Private | fintech, challenger banks |
x Onfido | 2012 | Private | Onfido |
x Amaiz Amaiz is a UK banking service that transforms the... | 2017 | Private | Challenger banks, fintech |
x Starling Bank Starling Bank is a digital bank based in the UK.... | 2014 | Private | Challenger banks, fintech |
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