OakNorth Valuation, Funding & Investors
OakNorth is valued at $2.8B as of February 2019.
Last OakNorth valuation
$2.8B
Undisclosed stage · Feb 2019
Last OakNorth funding round
$440M
Undisclosed stage · Feb 2019
Cumulative funding OakNorth raised
$1B
across 7 funding rounds
Key investors in OakNorth
Clermont Group
GIC
Coltrane Asset Management
SoftBank Group
EDBI
Toscafund Asset Management
About OakNorth
OakNorth is a digital bank providing loans to small and medium enterprises overlooked by traditional lenders. London-headquartered, the neobank offers secured property finance, working capital facilities, and term loans for hospitality, social housing, education, and healthcare sectors across the UK. It uses AI-powered credit analysis for rapid underwriting. Founded in 2015, OakNorth supports developers and operators with tailored debt products.
Founded
2015
HQ
ManchesterWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$2.8B (Feb 2019)
OakNorth Valuation
OakNorth is currently valued at $2.8B, based on its undisclosed-stage round in February 2019.
The $440M round was led by SoftBank Group, with participation from Clermont Group.
OakNorth's valuation has grown 11x from $250M at its Series A in November 2015 to $2.8B in February 2019, across 6 priced rounds.
OakNorth valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2019 | Undisclosed stage | $2.8B |
| Sep 2018 | Series B | $2.3B |
| Nov 2017 | Series B | $1.2B |
| Oct 2017 | Series B | $1.7B |
| Jan 2017 | Series B | $2.3B |
| Nov 2015 | Series A | $250M |
OakNorth Funding History
OakNorth has raised a total of $1B across 7 funding rounds.
OakNorth's first fundraising round was a $35M seed round in January 2015. The most recent completed round was a $440M undisclosed-stage round in February 2019.
OakNorth funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2019 | Undisclosed stage | SoftBank Group (lead); Clermont Group | $440M | $2.8B | OakNorth is a UK challenger bank specializing in lending to small and medium-sized enterprises (SMEs), using big data and machine learning for credit assessment and portfolio monitoring. Founded in September 2015, the company operates both a direct lending business and a B2B platform called OakNorth Analytical Intelligence (ON AI) that it licenses to banks and lenders globally. Since launch, OakNorth had lent over $3.7 billion to British businesses with zero defaults or late payments, and managed 34,000 savings accounts with over $800 billion in combined assets under management by partner institutions across the US, Europe, and Asia. In February 2019, OakNorth closed a $440 million funding round led by SoftBank's Vision Fund with additional investment from the Clermont Group. Of this total, $390 million came from primary investment by SoftBank, with the remainder from secondary investors and the Clermont Group. This valuation placed OakNorth at approximately $2.8 billion, making it Europe's highest-valued fintech at that time and the most well-funded fintech in Europe with total primary and secondary funding exceeding $1 billion. The capital was designated for expansion of OakNorth's SME loan origination and credit analysis capabilities to North American banks and lending institutions, as well as promoting the ON AI platform internationally. The company aimed to leverage SoftBank's network to unlock billions of dollars in funding for fast-growth SMEs in North America while deepening its technology partnerships with global financial institutions. |
| Sep 2018 | Series B | Alanda Capital Management; Clermont Group; Coltrane Asset Management; GIC; NIBC Bank; EDBI | $100M | $2.3B | OakNorth is a UK-based fintech bank founded in 2015 by Rishi Khosla and Joel Perlman, specializing in loans of £0.5m to £40m to fast-growth businesses, scale-ups, and property developers using a proprietary credit analysis platform. By 2018, it had grown its total loan facilities by 160% to £2.2bn from £850m in 2017, lent over £3bn since launch without defaults, and supported 10,000 new homes and 13,000 jobs. It raised deposits to £1,174.8m by end-2018 and reported £33.9m profit-before-tax, up 220% from £10.6m in 2017. In a funding round matching the specified investors including NIBC, EDBI of Singapore, GIC, Coltrane, and Clermont Group, OakNorth secured $576m, valuing the company at $2.3bn. This investment supported its profitable expansion of the loan book to £1.8bn at that point. The round aligned with its recognition as one of the UK's fastest-growing businesses, listed on Leap 100 (2017), Tech City UK's Future Fifty (2018), and Fintech City's Fintech50 (2018). Deposits grew significantly, reaching £1,971m by 2019 with 144,000 customers. OakNorth continued scaling post-2018, with later funding like $440m in 2019 from Softbank Vision Fund and Clermont Group, and expansions into business banking and acquisitions. |
| Nov 2017 | Series B | GIC (lead) | $122M | $1.2B | OakNorth, a UK-based digital bank founded in 2015 by Rishi Khosla and Joel Perlmann, provides loans from £0.5m to £30m to fast-growth businesses and property developers, growing its loan book to over £900m by late 2017. In October 2017, it raised £154m (GBP) from The Clermont Group, Toscafund, and Coltrane Asset Management for close to a 16% stake, valuing the company at £934m ($1.3B), achieving unicorn status. This funding aimed to boost lending by an additional £1.5bn and roll out its ACORN platform globally for loan origination, underwriting, and monitoring. Shortly after, in November 2017, GIC invested £90m for close to a 10% stake via a secondary sale from Indiabulls, not a primary round, to support international expansion in the US, Europe, and Asia. OakNorth reported £10.6m profit for 2017, with gross lending over £1.2bn, aiding 5,100 new homes and 4,000 jobs. The bank launched savings products, joined the Bank of England's Term Funding Scheme, and began commercializing ACORN. The company planned aggressive growth despite Brexit challenges, targeting higher net lending than major UK banks by 2020. |
| Oct 2017 | Series B | Clermont Group; Coltrane Asset Management; Toscafund Asset Management | $214M | $1.7B | OakNorth Bank, launched in September 2015, is a digital bank providing loans from £0.5m to £30m to fast-growth UK businesses and property developers. In 2017, its second full year, it reported a pre-tax profit of £10.6m, up from a £2.4m loss in 2016, while tripling its loan book to £1bn and providing over £1.2bn in gross lending to over 200 UK businesses, supporting 5,100 new homes and 4,000 jobs. The holding company closed a £250m investment round with investors including GIC, Toscafund, Clermont Group, and Coltrane Asset Management around late 2017. Subsequently, OakNorth secured additional funding including from NIBC, EDBI of Singapore, and Indiabulls, bringing total to $576m and valuing the company at $2.3bn. By later periods, it grew its loan book to £1.8bn, helped create 8,500 homes and 8,000 jobs, raised deposits from 25,000 savers, and earned recognitions like Leap 100 (2017), Future Fifty (2018), and Fintech50 (2018). OakNorth expanded offerings with savings products like ISAs and business accounts, completed loans under the British Business Bank's Help to Grow Programme, received Bank of England authorisation for the Term Funding Scheme, and began commercializing its ACORN fintech platform internationally. |
| Jan 2017 | Series B | - | $35M | $2.3B | OakNorth is a UK-based challenger bank founded in 2015 by Rishi Khosla and Joel Perlman, specializing in data-driven loans of £0.5m to £30m for fast-growth SMEs and property developers, leveraging its Acorn platform for efficient credit assessment. By end-2017, it grew its loan book to £1bn with zero defaults, launched savings products, and received Bank of England authorizations. In January 2017 Series B, it raised GBP 27.5M to scale operations, followed by larger rounds: GBP 161M in October 2017 and GBP 90M in November 2017 led by GIC, plus a £250M investment noted in its 2017 report with GIC, Toscafund, Clermont, and Coltrane. The October/November 2017 rounds valued OakNorth at $2.3B USD, up from $1.4B the prior year, attracting investors like EDBI, Coltrane Asset Management, Clermont Group, and NIBC, funding tech enhancements and global lender commercialization of Acorn. The bank reported £10.6M pre-tax profit for 2017, tripling its loan book profitably while pursuing £1.5bn more lending. OakNorth continued growth, reaching unicorn status confirmed in 2017, with later rounds like $440M in 2019 from SoftBank at undisclosed valuation and total funding over $900M by 2021. |
| Nov 2015 | Series A | Sammaan Capital (lead) | $99M | $250M | OakNorth Bank, a UK-based challenger bank founded in 2015, specializes in lending to underserved SMEs using its proprietary AI-driven platform, OakNorth Analytical Intelligence, for efficient loan origination and management. It rapidly scaled post-launch, becoming profitable within 11 months and growing its loan book to over GBP 800 million within two years. In November 2015, Indiabulls Housing Finance (now associated with Sammaan Capital) seeded OakNorth with an investment of approximately USD 100 million (Rs 650-663 crore) for a roughly 40% controlling stake at a post-money valuation of USD 250 million. This matched the Series A round of GBP 66 million led by Sammaan Capital, used to expand operations and enhance the technology platform. Subsequent developments highlighted OakNorth's growth: by 2017-2018, it secured GBP 154 million from investors like Clermont Group, Toscafund, and Coltrane for a 16% stake, valuing the bank at GBP 962 million and lifting Indiabulls' stake value to USD 380 million. In 2019, SoftBank Vision Fund invested USD 440 million in a private equity round, implying over 10x valuation growth in three years, with OakNorth's loan book exceeding USD 1.7 billion and deposits over USD 1.5 billion. Indiabulls later sold portions of its stake, including one-third to GIC in 2017 for Rs 770-900 crore and 91% of its holding by FY 2021, retaining 1.45%. OakNorth continued as Europe's fastest-growing new bank, focusing on digital deposits and SME lending. |
| Jan 2015 | Seed | - | $35M | - | OakNorth, a UK-based challenger bank founded in 2015 specializing in lending to small and medium-sized enterprises (SMEs), completed a seed round in January 2015 raising GBP 23 million to establish the company and develop its initial product offerings. This was followed by a Series A in November 2015 raising GBP 66 million led by Sammaan Capital to expand operations and enhance the technology platform. The bank's core product, ACORN, is an automated lending platform licensed globally to enable faster SME loan origination, underwriting, and monitoring. Subsequent funding included a Series B in January 2017 (GBP 27.5 million) and another in November 2017 (GBP 90 million led by GIC) to scale the business and improve technology. In October 2017, OakNorth achieved unicorn status with a GBP 160 million (USD 213 million) investment for approximately 16% stake valuing it at around USD 1.3 billion, followed by additional investments pushing equity valuation to USD 2.3 billion by August 2018 and USD 2.8 billion in a February 2019 round led by SoftBank Vision Fund raising USD 440 million (USD 390 million primary). By 2019, OakNorth had lent over USD 4 billion to UK businesses and aimed to boost lending by an additional GBP 1.5 billion (USD 2 billion) that year while launching ACORN globally. Total funding exceeded USD 848 million across rounds, with later mentions of annual profits over GBP 200 million (not revenue or EBITDA) and positioning as Europe's highest-valued fintech at the time. |
Who has invested in OakNorth?
9 investors have backed OakNorth across its funding rounds, including Clermont Group, GIC, Coltrane Asset Management, SoftBank Group, EDBI and Toscafund Asset Management.
Lead investors include SoftBank Group, GIC and Sammaan Capital.
OakNorth Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Singapore | 3 | Participant | Oct 2017 | |
 New York City, NY | 2 | Participant | Oct 2017 | |
| Singapore | 2 | Lead | Nov 2017 | |
| London | 1 | Participant | Sep 2018 | |
| London | 1 | Participant | Oct 2017 | |
 Tokyo | 1 | Lead | Feb 2019 | |
 The Hague | 1 | Participant | Sep 2018 | |
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Start Free TrialAcquisitions by OakNorth
OakNorth has acquired 3 companies to date.
Last acquisition by OakNorth was on March 9th 2026. OakNorth acquired Monite for undisclosed valuation.
Latest Acquisitions by OakNorth
| Description | Monite is an AI-driven platform enabling SMB software providers to integrate accounts receivable, invoicing, accounts payable automation, bill payments, and cashflow tools into their applications within three to five weeks. Headquartered in Europe with operations across the US and EU, it powers platforms for vertical SaaS, payment processors, and fintech firms. Key features include seamless API embeddings and compliance with regional regulations like GDPR and PCI-DSS. Monite partners with financial service providers to streamline B2B transactions for thousands of small businesses globally. | Community Unity Bank is a financial institution committed to excellence in banking services. Accessible at communityunity.bank, it offers deposit accounts, loans, and payment solutions primarily in the United States. | Fluidly is a London-based fintech providing AI-driven cashflow forecasting integrated with Xero, QuickBooks, and Sage. Founded in 2015, it analyzes bank transactions for 18-month predictions at invoice level, alerting on shortfalls. Acquired by OakNorth in 2021, Fluidly serves 5,000 UK SMBs, optimizing working capital through automated invoice chasing and scenario modeling. |
| HQ Country |  | | |
| HQ City | Berlin | - | London |
| Deal Date | 9 Mar 2026 | 16 Mar 2025 | 13 Dec 2021 |
| Valuation | undisclosed | $30M | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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OakNorth Competitors
OakNorth competitors include listed companies like Krungthai Card and Capri Global Capital, and private ones like Naver Financial Corp., bunq, C6 Bank and Starling Bank.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Seongnam | Private | - | - | $2.3B | - | |
| Amsterdam | Private | $38M | - | $1.9B | - | |
 São Paulo | Private | $1.7B | - | $5B | 3.0x | |
| London | Private | $1.2B | - | $5.4B | 4.5x | |
 Thailand | Publicly listed | $659M | - | $2.9B | 3.5x | |
 India | Publicly listed | $491M | $144M | $2.6B | 12.4x |
OakNorth Public Comps
OakNorth is still privately-owned, but its public comps include Equity Group Holdings, Banco Di Desio E Della, Krungthai Card, Central Bank of India, Ahli Bank, Al Ahli Bank Of Kuwait, Bandhan Bank, Banque Cantonale de Genève, Trustmark and Valiant Holding.
| Last FY | EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|---|
| Revenue | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | 1.8x | - | - | - | |||
| $743M | 3.7x | - | - | - | |||
| $659M | 4.3x | 3.5x | - | - | |||
| $2.2B | 1.3x | 0.6x | - | - | |||
| $437M | 6.2x | - | - | - | |||
| $709M | 3.8x | - | - | - | |||
| $1.4B | 2.0x | 1.9x | - | - | |||
| $723M | 4.0x | 4.0x | - | - | |||
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Common questions about OakNorth
| When was OakNorth founded? | OakNorth was founded in 2015. |
| Where is OakNorth headquartered? | OakNorth is headquartered in Manchester, United Kingdom. |
| Is OakNorth publicly listed? | No, OakNorth is a private, VC-backed company. |
| What is OakNorth's valuation? | OakNorth was last valued at $2.8B in its undisclosed-stage round in February 2019. |
| How much funding has OakNorth raised? | OakNorth has raised $1B across 7 funding rounds. |
| What was OakNorth's last funding round? | OakNorth's last funding round was a $440M undisclosed-stage round in February 2019, led by SoftBank Group. |
| Who are OakNorth's investors? | OakNorth's investors include Clermont Group, Coltrane Asset Management, GIC, Alanda Capital Management, Toscafund Asset Management, SoftBank Group, NIBC Bank, EDBI and Sammaan Capital. |
| Which companies are comparable to OakNorth? | Companies comparable to OakNorth include Naver Financial Corp., bunq, C6 Bank, Starling Bank, Krungthai Card and Capri Global Capital. |
| How many companies has OakNorth acquired? | OakNorth has acquired 3 companies, including Monite, Community Unity Bank and Fluidly. |
| What was the largest acquisition by OakNorth? | The $30M acquisition of Community Unity Bank in March 2025 is the largest acquisition OakNorth has made to date. |
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