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

Key people

Rishi Khosla Co-founder and CEO

Joel Perlman Co-founder and Senior Managing Director

Cyrus Ardalan Chairman

Cristina Alba-Ochoa CFO

Robert Burgess Non-executive Director

Navtej S. Nandra Non-executive Director

Ted Berk Non-executive Director

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

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x Monese We’re reimagining the way banking works. We make...	2013	Private	fintech, challenger banks
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