ACORN OakNorth Holdings has secured $100m of funding to help support further growth.
The funding has been provided by the EDBI of Singapore, NIBC Bank, Clermont Group, GIC and Coltrane Asset Management.
It will be used to drive the growth of its fintech platform ACORN machine globally and continue the lending growth of its UK challenger bank OakNorth.
Richard F Chandler, chairman at Clermont Group, said: “By providing capital to the underserved SME segment, ACORN OakNorth reflects the Clermont Group’s philosophy of building and investing in companies that contribute significantly to their nation’s economy.
“For SMEs, capital can be a scarce and vital resource.
“ACORN OakNorth’s ability to provide capital to SMEs plays an important role in helping to resource entrepreneurs and businesses that have traditionally been underserved by the large financial institutions.”
Since the start of 2018, OakNorth has doubled its loan book from $1.1bn to $2.2bn and expects to lend a further $600m this year.
Its loans have directly helped with the creation of over 8,500 new homes and 8,000 new jobs in the UK.
Meanwhile, ACORN machine has opened offices in New York and Singapore to service clients across multiple continents and will have over $5bn of assets under service on its platform by year end.
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