Following the £154m capital raise announced last month, OakNorth, a London, UK-based bank that provides debt finance to fast-growth businesses and established property developers, received a further £90m investment from GIC.
This means that the total primary and secondary raise was £244m (approx. $318m).
The Singaporean sovereign wealth fund will make the investment for under 10% of OakNorth, joining The Clermont Group, Toscafund and Coltrane, and will provide OakNorth with assistance to globally expand the business, mainly in the US, European and Asian markets.
Launched in September 2015 by by Rishi Khosla and Joel Perlman, OakNorth provides debt finance (from £500k to £25m) to UK fast-growth businesses and established property developers and has now launched ACORN machine, its fintech platform, to lenders around the world.
Composed of three pillars – data, technology, and process, ACORN collects millions of data items and then uses machine learning algorithms to pull out the pieces of data that lenders need to make a more informed credit decision. The technology environment has been built using both proprietary and best of breed technologies – all of which are java-based, web-based and cloud-hosted via AWS.
Clients include Leon, Galliard Homes, Frogmore, Brasserie Blanc, Strawberry Star, and The Collective.
The bank is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.