OakNorth Bank

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OakNorth Bank plc[1]
Public limited company
Founded2015; 4 years ago (2015)
London, England
FoundersRishi Khosla
Joel Perlman
HeadquartersOakNorth Bank plc
57 Broadwick Street
Key people
  • Cyrus Ardalan (Chairman)[1]
    Graham Olive (Deputy CEO)
    Cristina Alba-Ochoa (CFO)
ProductsBusiness Loans
Property Development Finance
Number of employees

OakNorth is a UK bank for small and medium sized companies that provides business and property loans.[2][3] 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[4][5].

The bank, which gained regulatory approval in early 2015,[6] was founded by entrepreneurs Rishi Khosla and Joel Perlman, who had previously founded Copal Amba.[7]

In 2017 the bank’s pre-tax profit was £10.6 million.[8][9][10]

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.[11][12][13] In its most recent round in February 2019 led by SoftBank Vision Fund, it was valued at $2.8bn.[14][15]


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.[16][17]

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.[18][19][20]

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.[21] Lord Adair Turner, the former Chairman of the Financial Services Authority (now the Financial Conduct Authority) is also on the bank's advisory board[22], 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.[23][24]

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.[25][26][27]


The bank provides £500,000-£45m business loans, property development finance, and property investment loans, as well as a range of savings accounts for individuals and businesses.

It has offices in London, Manchester[28], New York City and New Delhi.[29]


  1. ^ a b "OakNorth Bank Limited at Companies House". Retrieved 3 November 2016.
  2. ^ Wintermeyer, Lawrence. "The Rise Of The Unicorn Challenger Bank You've Never Heard Of - OakNorth". Forbes. Retrieved 2019-01-15.
  3. ^ "UK challenger OakNorth Bank signs for Mambu core platform". Finextra Research. 2015-10-22. Retrieved 2019-01-15.
  4. ^ "$1bn OakNorth investment sets record for Euro FinTech". BusinessCloud.co.uk. Retrieved 2019-02-08.
  5. ^ News, Bdaily Business. "Challenger bank OakNorth to power US expansion with £340m investment". Bdaily Business News. Retrieved 2019-02-08.
  6. ^ "OakNorth gets banking licence, appoints Adair Turner to board". Retrieved 2016-08-16.
  7. ^ "The Big Interview: OakNorth Bank - IBS Intelligence". IBS Intelligence. 2016-11-10. Retrieved 2017-04-04.
  8. ^ "Subscribe to read". Financial Times. Retrieved 2018-04-06.
  9. ^ Browne, Ryan (2018-03-26). "UK digital bank that beat peers to an annual profit 'will go into' China — eventually". CNBC. Retrieved 2018-04-06.
  10. ^ Finextra (2018-03-21). "OakNorth moves into profit". Finextra Research. Retrieved 2018-04-06.
  11. ^ Browne, Ryan (2019-02-08). "SoftBank invests in UK fintech OakNorth, giving it $2.8B valuation". www.cnbc.com. Retrieved 2019-02-08.
  12. ^ "Subscribe to read". Financial Times. Retrieved 2018-10-24.
  13. ^ Nicolle, Emily (2018-09-06). "Acorn OakNorth rises to $2.3bn valuation as it closes fresh $100m fundraise". Retrieved 2018-10-24.
  14. ^ "OakNorth lands $440m round led by SoftBank ahead of US drive - AltFi News". AltFi. Retrieved 2019-02-08.
  15. ^ "Subscribe to read". Financial Times. Retrieved 2019-02-08.
  16. ^ Dunkley, Emma (2015-03-09). "Lord Adair Turner joins board of digital challenger bank OakNorth". Financial Times. ISSN 0307-1766. Retrieved 2016-06-01.
  17. ^ "OakNorth gets banking licence, appoints Adair Turner to board". Reuters UK. Retrieved 2016-06-01.
  18. ^ White, Lucy (2017-05-22). "OakNorth makes two heavyweight hires". Retrieved 2017-06-14.
  19. ^ "Subscribe to read". Financial Times. Retrieved 2017-06-14.
  20. ^ "Lender @OakNorth has announced new additions to its board, find out who on @Bandcnews". bridgingandcommercial.co.uk. Retrieved 2017-06-14.
  21. ^ "Oaknorth Bank set to hire Lord Francis Maude". The Telegraph. Retrieved 2017-01-05.
  22. ^ "OakNorth boosts Board of Directors - IBS Intelligence". IBS Intelligence. 2017-05-23. Retrieved 2017-06-14.
  23. ^ Finextra (2018-10-16). "OakNorth appoints form PRA director to board". Finextra Research. Retrieved 2018-10-24.
  24. ^ Nicolle, Emily (2018-10-16). "Digital bank Oaknorth hires ex-Bank of England director". Retrieved 2018-10-24.
  25. ^ "OakNorth moves core banking backbone to Amazon Web Services cloud". Finextra Research. 2016-05-26. Retrieved 2016-06-01.
  26. ^ "OakNorth takes UK banking into the cloud". Financial Times. Retrieved 2016-06-01. (Subscription required (help)).
  27. ^ "OakNorth shifts systems to cloud with AWS - IBS Intelligence". IBS Intelligence. 2016-05-26. Retrieved 2016-06-01.
  28. ^ "New challenger bank OakNorth set to launch with marketing base in Manchester". Prolific North. Retrieved 2016-11-03.
  29. ^ Dunkley, Emma (2015-02-19). "OakNorth latest challenger bank on course to gain a licence". Financial Times. ISSN 0307-1766. Retrieved 2016-03-07.