Industry Banking Founded 2015 | Website www.oaknorth.com | |
Type Private limited company Headquarters OakNorth Bank Limited
Nightingale House
65 Curzon Street
London
W1J 8PE
England Key people Lord Turner (Senior Independent Director)
Cyrus Ardalan (Chairman)
Robert Burgess (Non-executive Director)
Lord Maude (Independent Adviser) Products Business Loans
Property Development Finance
Deposits Founders Rishi Khosla, Joel Perlman | ||
OakNorth Bank Limited is a UK bank that lends between £1m to £20m to mid-sized growth businesses and entrepreneurs.
Contents
The bank, which gained regulatory approval in early 2015, 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.
Indiabulls housing finance management on oaknorth bank acquisition
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.
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.
Lord Francis Maude, former Minister for the Cabinet Office and former Minister for Trade and Investment, joined the bank as an independent adviser in September 2016.
Indiabulls Housing Finance Limited, India’s largest non-bank lender to small and mid-sized companies, invested £66 million in OakNorth Bank in November 2015, which increased the bank’s capital base to £85 million.
In May 2016, OakNorth 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.
In September 2016, just eleven months after launching, the bank announced that it had broken even.
Operations
The bank provides £1m-£20m business loans, property development finance, and property investment loans, as well as savings accounts. The bank considers stock, debtors, fixtures and fittings, plant and machinery, intellectual property, and real estate as collateral.
It has offices in London, Manchester and New Delhi.