OakNorth Bank joins ranks of challengers taking on the giants
OAKNORTH yesterday launched itself on to the small business banking scene, pledging to “kickstart” lending to starved firms.
If the bank receives its licence as planned, it aims to offer savings products to retail customers and a range of loans to small- and medium-sized enterprises (SMEs).
This will range from short-term working capital facilities, to bigger finance packages secured against orders or equipment, but not property.
Rishi Khosla and Joel Perlman are behind the scheme.
The pair previously built up analytics and research firm Copal Amba, selling it to Moody’s last year.
“We’re launching OakNorth to use financial technology and a new approach to lending that gives smaller growth companies a banking service one would normally associate with larger corporate clients,” said Khosla.