LONDON — Entrepreneur-focused bank OakNorth has raised £154 million from Singapore investment group The Clermont Group, UK hedge fund Toscafund, and Coltrane Asset Management.
The consortium has purchased close to a 16% stake in the two-year-old business, valuing London-headquartered bank at £934 million ($1.3 billion).
It means OakNorth has reached so-called “unicorn” status — a private startup valued at over $1 billion. Earlier this year tech-focused investment bank GP Bullhound named OakNorth as a fintech startup it believes could one day be worth over $1 billion.
OakNorth was founded in 2015 as a “bank for entrepreneurs, by entrepreneurs.” It was founded by Rishi Khosla and Joel Perlman, who previously cofounded Copal Amba, a research company for banks that was sold to Moody’s in 2014.
OakNorth has lent over £800 million to date to fund the expansion of businesses such as healthy fast food chain LEON, Galliard Homes, and Brasserie Blanc.
Khosla, CEO of OakNorth, said: “While we have reached a £800 million loan book in two years, we know that this represents just a fraction of the businesses that need financing support. This funding will enable us to boost our lending by an additional £1.5bn and add thousands more jobs and homes in the …read more
Source:: Businessinsider – Finance