Fintech company to double size of Manchester operation
OakNorth has announced plans to double the size of its Manchester team over the next 12 months.
The fintech company, which is valued at $2.3bn said that it was making the move as demand for SME loans in the North of England was increasing.
While it’s always had a base in Manchester, it will expand its headcount in the city to 30 in 2019.
“Since our launch in September 2015, we have helped hundreds of businesses across the UK achieve their growth ambitions, creating thousands of new homes and jobs in the process,” explained Ben Barbanel, head of debt finance at OakNorth.
“We have done numerous deals with businesses in the North of England, transacting loans from our headquarters in London. However, given our pipeline for 2019 and the demand we are seeing from businesses in the North, there is a need to have a local debt finance team with the ability to make credit decisions on the ground in the North. We currently have a world class technology and operations function managed out of Manchester, so we want to continue building on this, tapping into the local talent pool, to broaden our regional offering to lending as well.”
Earlier this year, OkaNorth Holdings completed a $100m funding round to accelerate its fintech platform, Acorn machine.