British Business Bank programme: ENABLE Guarantees, Help to Grow
OakNorth provides fast, flexible and accessible debt finance (from £500k to £45 million) to fast-growth businesses and established property developers / investors.
OakNorth was the third new retail deposit-taking bank licensed in the UK in 150 years, and the first new bank in the UK to achieve profitability within its first year of operations. It obtained its license in March 2015 and began trading six months later.
It breaks from the UK banking norm by providing highly flexible and bespoke loan structures secured against a range of assets including stock, debtors, real estate, intellectual property, and plant and machinery. It also gives clients the ability to discuss their loan requirements and growth ambitions directly with the Credit Committee. This personal and transparent process enables deals – from first meeting to disbursement of cash – to typically be completed in weeks rather than the months it takes at larger institutions.
Since its launch, the bank has:
- Lent over £3bn, directly helping with the creation of 10,000 new homes and 13,000 new jobs in the UK
- Raised deposits from more than 40,000 saver accounts
- Won numerous awards and been recognised as one of the UK’s fastest-growing businesses being listed on the Leap 100, Tech City UK’s Future Fifty, and Fintech City’s Fintech50.
The bank was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch OakNorth following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba.
OakNorth is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It has offices in London and Manchester.