The company intends to use the facility to accelerate growth in the UK.
Founded by Frederic Nze, Oakam provides micro-lending services to people who find it difficult to borrow from banks. It uses an omni-channel combination of face-to-face and tech delivery to increase reach and reduce the cost of credit to people at the “bottom of the pyramid”. To date, it has lent a total of £250m in over 350k loans with 1/3 of the customer base interacting through the recently released mobile app.
The company is backed by Cabot Square Capital LLP, a financial services private equity firm.