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Payments General

SoftBank leads USD 440 mln funding round in UK challenger bank OakNorth

Friday 8 February 2019 | 02:19 PM CET

UK challenger bank OakNorth has closed a USD 440 million funding round with the SoftBank Vision Fund and the Clermont Group.

The funding will be used to expand OakNorth’s SME loan origination and credit capabilities to North American banks and lending institutions.

In addition, it will promote its OakNorth Analytical Intelligence (ON AI) platform, already being used by banks across the US, Europe and Asia with combined assets of over USD 800 billion.

One example includes NIBC Bank in the Netherlands which participated in the USD 100 million fundraising the group closed in September 2018.

More: Link
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