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|Public limited company|
|Headquarters||OakNorth Bank plc|
57 Broadwick Street
Property Development Finance
Number of employees
OakNorth is a UK bank for small and medium sized companies that provides business and property loans. The bank lends between £500,000 to £45m to businesses and property developers. Its loans have supported the development of 9,500 homes and creation of 11,000 jobs in the UK.
OakNorth is part of OakNorth Holdings Limited which has attracted over $1bn from several investors, including: Clermont Group, Coltrane, EDBI of Singapore, GIC, Indiabulls, NIBC, Toscafund, and SoftBank Vision Fund. In its most recent round in February 2019 led by SoftBank Vision Fund, it was valued at $2.8bn.
OakNorth secured a full banking licence from the Prudential Regulation Authority (PRA) and the 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 the former president of online brokerage E*TRADE, Navtej Nandra, and Edward “Ted” Berk, a faculty member at Harvard Business School, and an ex-managing director of Bain Capital.
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. Lord Adair Turner, the former Chairman of the Financial Services Authority (now the Financial Conduct Authority) is also on the bank's advisory board, alongside Nick Lee, the former Head of New Banks at the Prudential Regulation Authority, Bank of England, and Martin Stewart, the former Director of Banks, Building Societies & Credit Unions at the Bank of England.
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.
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