Total amount raised
$1 Billion
Latest funding date
6/1/2021
Location
OakNorth has successfully raised a significant amount of funding over nine rounds, with the latest being a Non-equity Assistance round. The digital bank has also made 51 investments, demonstrating its active role in the financial ecosystem.
With backing from 11 investors, including notable names like The FIS FinTech Accelerator and Clermont Group, OakNorth continues to expand its influence. Keep reading to explore the intricacies of OakNorth's fundraising journey and the investors backing this innovative platform.
What Is OakNorth?
OakNorth, founded in 2015, is a digital bank headquartered in Manchester, United Kingdom. The bank specializes in providing bespoke credit and banking services to businesses across the UK and US.
Operating in the banking and financial services industry, OakNorth has an employee count ranging from 251 to 500. The bank has made significant strides, providing over £12 billion in funding and contributing to the creation of 56,000 new jobs and 34,000 new homes.
How Much Funding Has OakNorth Raised?
- Seed Round
- Amount Raised: GBP 23,000,000
- Date: January 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial product offerings.
- Series A
- Amount Raised: GBP 66,000,000
- Date: November 2015
- Lead Investors: Sammaan Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance the technology platform.
- Series B
- Amount Raised: GBP 27,500,000
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and increase market penetration.
- Series B
- Amount Raised: GBP 161,000,000
- Date: October 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the company's lending capabilities.
- Series B
- Amount Raised: GBP 90,000,000
- Date: November 2017
- Lead Investors: GIC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the company's technology and analytics platform.
- Non-equity Assistance
- Amount Raised: Not publicly disclosed
- Date: March 2018
- Lead Investors: Future Fifty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources for growth.
- Series B
- Amount Raised: USD 100,000,000
- Date: September 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and product offerings.
- Private Equity
- Amount Raised: USD 440,000,000
- Date: February 2019
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To double down on existing operations and expand to the U.S. market.
- Non-equity Assistance
- Amount Raised: Not publicly disclosed
- Date: June 2021
- Lead Investors: The FIS FinTech Accelerator in Partnership with The Venture Center
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources for further growth.
Total Amount Raised: USD 848,000,000
Current Valuation: Not publicly disclosed
Key Investors
- The FIS FinTech Accelerator in Partnership with The Venture Center
- Details: The FIS FinTech Accelerator in Partnership with The Venture Center is a program designed to support early-stage fintech companies. It provides resources, mentorship, and strategic support to help these companies grow.
- Investment Focus Areas: Fintech, banking, financial services
- Notable Investments: OakNorth
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a large investment fund managed by SoftBank, known for making significant investments in technology companies globally. It aims to accelerate the AI revolution through strategic investments.
- Investment Focus Areas: AI, robotics, advanced technologies
- Notable Investments: Uber, WeWork, ARM Holdings
- Future Fifty
- Details: Future Fifty is a program that supports high-growth tech companies in the UK. It offers access to expert advice, networking opportunities, and strategic support to help companies scale.
- Investment Focus Areas: Technology, innovation, high-growth sectors
- Notable Investments: OakNorth
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore. It manages Singapore's foreign reserves and invests in a diverse range of asset classes globally.
- Investment Focus Areas: Real estate, private equity, infrastructure
- Notable Investments: OakNorth
- Sammaan Capital
- Details: Sammaan Capital is an investment firm that focuses on providing capital to innovative companies. It aims to support businesses that have the potential to make a significant impact in their respective industries.
- Investment Focus Areas: Technology, financial services, innovation
- Notable Investments: OakNorth
What's Next for OakNorth?
OakNorth stands on the brink of significant growth opportunities, particularly with its planned expansion into the U.S. market through partnerships with American banks. This move could open doors to a vast array of financial institutions eager to leverage OakNorth's advanced Analytical Intelligence platform. Additionally, the global demand for fintech solutions continues to rise, presenting further opportunities for OakNorth to license its technology to banks worldwide.
Future fundraising efforts are likely to be bolstered by the company's impressive track record, including a recent $440 million funding round. This financial backing positions OakNorth well for additional rounds of investment, which could support its international expansion and technological advancements. However, the company may face challenges such as navigating regulatory landscapes in new markets and maintaining the quality of its loan portfolio amidst rapid growth.
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