The UK’s biggest robo-advisor has seen assets under management grow to over $798mn and customers exceed 25,000 at the end of 2016; however the company also reported a 5 percent increase in losses and a 10 percent increase in operating expenses; building up scale to eventually make money looks to be the biggest challenge for the growing fintech company. Source.
Oakam has originated more than 420,000 loans and over $275mn to customers with little or bad credit; the UK based lender uses credit bureau data and alternative data including network associations, behavioral data and chat data between potential customers and their agents; the combination of the data sources has allowed them to better asses risk to a client base mostly ignored by traditional financial firms. Source.
By OakNorth -- OakNorth has agreed to purchase 100% of Fluidly, subject to regulatory approval; Founded in 2016, Fluidly’s mission is to help small
UK based online SMB lender OakNorth said they nearly doubled profits to £65.9mn in 2019; the news was dampened a...
Like a majority of companies, OakNorth is taking a fresh look at forecasts for 2020; Nick Lee, a senior executive...
UK based digital bank OakNorth has started to go global but not in the same way other digital banks are...
Rishi Khosla, chief executive and co-founder of OakNorth, told CNBC that eventually the company plans to make the move into China; "It is going to be a market that we will go into. It's just a question of when and how rather than if," Khosla explained at a fintech event last week.; talk of a move comes after China’s new central bank head said he is willing to open the market to foreign companies; OakNorth has said they are in discussions with a variety of countries across the globe about expansion plan. Source.
The company is currently valued at $2.8 billion and has lent $4 billion to British businesses with zero defaults; the...
UK based digital bank OakNorth reported an annual profit of $149mn, becoming the first digital bank to do so; in their second year of full operations the bank has seen their loan book triple in size and deposits double in size; Rishi Khosla, OakNorth chief executive, told the Financial Times, “we build them for profit and on strong foundations so as you grow you’re scaling a real business rather than what happens to a lot of fintech where you just keep building for top-line or number of customers, but don’t necessarily have the strongest business model.” Source.
UK base challenger bank OakNorth launched a new mortgage product aimed at individuals who do not have typical sources of...