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) |
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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 |
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(b) a business account | Yes |
Funding rounds
Last Funding Date | Feb 8, 2019 |
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Last Funding Amount | $440M |
Total Funding Amount | over $848M |
Financials
Customer/Products segments | Lending, Savings |
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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 Current Current's CEO Stuart Sopp founded Current with... | 2015 | Private | challenger banks, fintech |
x BABB BABB is a world bank for the micro-economy: a... | 2017 | Private | fintech, challenger banks |
x DUedil DueDil is a company intelligence platform that... | 2011 | Private | |
x Soldo Soldo is the pay and spend automation platform... | 2015 | Private | Challenger banks, fintech |
x Neon (Switzerland) Neon is an independent Swiss mobile account. | 2017 | Private |