OakNorth Bank

OakNorth Bank Limited[1]
Private limited company
Industry Banking
Founded 2015 (2015)
London, England
Founders Rishi Khosla
Joel Perlman
Headquarters OakNorth Bank Limited
Nightingale House
65 Curzon Street
London
W1J 8PE
England
Key people
Products Business Loans
Property Development Finance
Deposits
Website www.oaknorth.com

OakNorth Bank Limited is a specialist bank in the UK that lends between £1m to £20m to mid-sized growth businesses and entrepreneurs.[3][4][5]

The bank, which gained regulatory approval in early 2015,[6][7] was borne out of the negative experiences its founders - Rishi Khosla and Joel Perlman - had in trying to secure growth capital for their previous venture, Copal Amba.

History

OakNorth Bank secured a full banking licence from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) in March 2015 and began deposit taking and lending six months later in September.[8][9]

The Board is chaired by Cyrus Ardalan, former vice-Chairman of public policy and government relations at Barclays Bank; and includes Lord Adair Turner as a non-executive director.[10]

Indiabulls Housing Finance Limited, India’s largest non-bank lender to small and mid-sized companies,[11] invested £66 million in OakNorth Bank in November 2015, which increased the bank’s capital base to £85 million.[12][13]

In May 2016, it became the first bank in the UK to have its core system fully hosted on the cloud after working with Amazon Web Services (AWS) to drive the development forward with the regulator.[14][15][16][17]

In August 2016, the bank completed its largest deal to date (£19m) with LEON Restaurants, enabling the fast food chain to open 50 new stores and create 1,000 new jobs by 2020.[18][19][20][21][22][23]

In September 2016, within a year of launching, the bank announced that it had broken even.[24][25][26][27][28][29][30]

Operations

The Bank provides business loans of between £1m to £20m and provides property development finance, property investment loans, and savings accounts. The bank considers stock, debtors, fixtures and fittings, plant and machinery, intellectual property, and real estate as collateral.[31][32][33][34][35]

It has offices in London, Manchester[36][37][38][39] and New Delhi.[40]

References

  1. 1 2 3 4 "OakNorth Bank Limited at Companies House". Retrieved 3 November 2016.
  2. ↑ "OakNorth appoints former Cabinet Minister, Lord Maude, to newly-formed advisory board". oaknorth.com. Retrieved 3 November 2016.
  3. ↑ Dunkley, Emma (2015-05-26). "Rishi Khosla: pioneer of challenger banking". Financial Times. ISSN 0307-1766. Retrieved 2016-03-07.
  4. ↑ Dunkley, Emma (2016-05-26). "OakNorth takes UK banking into the cloud". Financial Times. ISSN 0307-1766. Retrieved 2016-06-01.
  5. ↑ "OakNorth Becomes First UK Bank To Move Core Systems Onto AWS". TechWeekEurope UK. 2016-05-26. Retrieved 2016-06-01.
  6. ↑ "Technology key as challenger bank OakNorth gets licence". Retrieved 2016-08-16.
  7. ↑ "OakNorth gets banking licence, appoints Adair Turner to board". Retrieved 2016-08-16.
  8. ↑ Dunkley, Emma (2015-03-09). "Lord Adair Turner joins board of digital challenger bank OakNorth". Financial Times. ISSN 0307-1766. Retrieved 2016-06-01.
  9. ↑ "OakNorth gets banking licence, appoints Adair Turner to board". Reuters UK. Retrieved 2016-06-01.
  10. ↑ "OakNorth challenger bank hires Barclays veteran Cyrus Ardalan as chairman". Telegraph.co.uk. Retrieved 2016-03-07.
  11. ↑ "Indiabulls Housing Finance buys 40 per cent in UK bank". timesofindia-economictimes. Retrieved 2016-03-07.
  12. ↑ Arnold, Martin (2015-11-24). "OakNorth to accelerate growth plans after capital injection". Financial Times. ISSN 0307-1766. Retrieved 2016-03-07.
  13. ↑ "Indiabulls buys 40 pct stake in UK's OakNorth Bank". Reuters India. Retrieved 2016-03-07.
  14. ↑ "OakNorth moves core banking backbone to Amazon Web Services cloud". Finextra Research. 2016-05-26. Retrieved 2016-06-01.
  15. ↑ "OakNorth takes UK banking into the cloud". Financial Times. Retrieved 01.06.2016. Check date values in: |access-date= (help)
  16. ↑ "OakNorth shifts systems to cloud with AWS - IBS Intelligence". IBS Intelligence. 2016-05-26. Retrieved 2016-06-01.
  17. ↑ Carey, Scott. "A bank for UK entrepreneurs just became the first to move core system to AWS cloud". ComputerworldUK. Retrieved 2016-06-01.
  18. ↑ "Leon to create 1,000 new jobs as it raises funds from banking start-up". Retrieved 2016-08-16.
  19. ↑ BigHospitality.co.uk. "Leon secures £19m funding towards expansion". Retrieved 2016-08-16.
  20. ↑ "Leon to more than double number of restaurants with £19m OakNorth loan - Real Business". realbusiness.co.uk. Retrieved 2016-08-16.
  21. ↑ "Fast-food founder thriving in heat of his healthy kitchen". Retrieved 2016-08-16.
  22. ↑ "OakNorth and LEON complete £19m funding deal that will create 1000 new jobs - Hospitality & Catering News". 2016-08-08. Retrieved 2016-08-16.
  23. ↑ "LEON to create 1,000 jobs after agreeing £19m funding deal". quickbitemagazine.co.uk. Retrieved 2016-08-16.
  24. ↑ "FT.com". www.ft.com. Retrieved 2016-10-05.
  25. ↑ Kirton, Hayley (2016-09-21). "How this challenger used Brexit as an opportunity and tipped into the black". Retrieved 2016-10-05.
  26. ↑ "OakNorth to launch easy access accounts after doubling loan book". www.bridgingandcommercial.co.uk. Retrieved 2016-10-05.
  27. ↑ Graham, Ben (2016-09-21). "Challenger bank OakNorth hits profitability in first year - Fintech Roundup". Retrieved 2016-10-05.
  28. ↑ Wood, Billy. "OakNorth becomes first challenger bank to turn a profit". Retrieved 2016-10-05.
  29. ↑ "Brexit? What Brexit?! OakNorth Bank achieves profitability less than a year after launching | News | LondonlovesBusiness.com". www.londonlovesbusiness.com. Retrieved 2016-10-05.
  30. ↑ "OakNorth seizes Brexit opp, celebrates milestone - IBS Intelligence". 2016-09-21. Retrieved 2016-10-05.
  31. ↑ Dunkley, Emma (2015-03-09). "Lord Adair Turner joins board of digital challenger bank OakNorth". Financial Times. ISSN 0307-1766. Retrieved 2016-03-07.
  32. ↑ Khosla, Rishi (2015-12-10). "Understanding the assets in your business". BusinessZone. Retrieved 2016-11-03.
  33. ↑ "Technology key as challenger bank OakNorth gets licence". ComputerWeekly. Retrieved 2016-11-03.
  34. ↑ "Newcomer OakNorth Bank takes on business pain points". Growth Business. 2016-08-24. Retrieved 2016-11-03.
  35. ↑ "Challenger bank OakNorth launches first savings accounts and pledges to become go-to choice for entrepreneurs | Business Advice". Business Advice. 2015-09-14. Retrieved 2016-11-03.
  36. ↑ "New challenger bank OakNorth set to launch with marketing base in Manchester". Prolific North. Retrieved 2016-11-03.
  37. ↑ Editorial, Reuters. "New British banking venture OakNorth to launch this summer". Reuters UK. Retrieved 2016-11-03.
  38. ↑ Ltd, Insider Media. "OakNorth launches two savings accounts". Insider Media Ltd. Retrieved 2016-11-03.
  39. ↑ TheBusinessDesk.com. "OakNorth's £1bn lending bid gets all clear | TheBusinessDesk.com". Retrieved 2016-11-03.
  40. ↑ Dunkley, Emma (2015-02-19). "OakNorth latest challenger bank on course to gain a licence". Financial Times. ISSN 0307-1766. Retrieved 2016-03-07.
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