Manchester-based fintech group, OakNorth Holdings has completed a $100m funding round from EDBI in Singapore, NIBC Bank, Clerment Group, GIC and Coltrane Asset Management.
OakNorth is a UK bank providing debt finance to fast-growth businesses and established investors. The capital, which represents 4.3% of the company, will be used to accelerate the growth of its fintech platform, Acorn machine.
According to OakNorth Group, by the end of the year, Acorn machine will have more than $5bn in assets under service across its clients globally.
It works by using technology to apply the credit analysis methodology required for large corporate loans in a more efficient and “less manual” way.
“We are excited to partner and help grow Acorn machine in Asia through its regional base in Singapore. By leveraging machine learning, proprietary and third-party data sources, as well as credit analysis competencies, we believe the platform can help address the underserved SME loans segment in the region, improving financial institutions’ cost efficiency and underwriting processes,” stated Chu Swee Yeok, chief executive officer and president of the EDBI of Singapore.
Since it was founded, Acorn OakNorth Holdings has secured $576m ($455m primary) from several investors, including: NIBC, EDBI of Singapore, GIC, Toscafund, Coltrane, Clermont Group, and Indiabulls.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
