Singaporean sovereign wealth fund GIC is to invest £90m in specialist bank OakNorth.
The investment will follow a recent funding round from Coltrane, Toscafund and the Clermont Group, which raised £154m for the bank.
The new investment – which will be purchased from Indiabulls – will see GIC acquire just under 10% of OakNorth.
The transaction is due to close in mid-November and GIC will assist in the global expansion of ACORN, OakNorth’s fintech platform.
“We are extremely excited to have another strong investor, especially one with such a global perspective and sizeable portfolio as GIC,” said Rishi Khosla, CEO and co-founder of OakNorth.
“Given the recent £154m raise, there wasn’t an immediate need to take in additional capital.
“However, when we became aware that GIC was interested in investing, there was a collective view that it would be hugely beneficial to the company if they did, so Indiabulls agreed to sell just under 10% of their stake.”
GIC has over $100bn of assets under management in more than 40 countries worldwide.
The fund was interested in the growth potential of ACORN, which will help banks and lending institutions around the world to originate, underwrite, monitor and book bespoke SME loans faster.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Development Bank of Wales provides £500,000 to IT repairs business
Comtek Network Systems UK Limited has secured £500,000 of investment from the Development Bank of Wales
Wesleyan Bank names new director
Wesleyan Bank has strengthened its management team with the appointment of Simon Welling (pictured above) as its director of sales and marketing.
Cash Isa savers missing out on transfer market
Half of cash Isa savers aged 55-plus (50%) have never moved their accounts to another provider, according to a new study.
CivilisedBank secures further funding
CivilisedBank is set to receive further funding from current investor Warwick Capital Partners, subject to regulatory approval.
A round-up of the latest specialist banking products
With the continuing expansion of the specialist banking market, this year promises to bring a host of new products and services to the sector.
Hanley Economic BS rebrands
Hanley Economic Building Society has rebranded as it launches its first ever TV advertising campaign.
Lydia raises a further €13m
Lydia has announced that it has raised a further €13m, taking the total amount raised by the French fintech start-up to over €23m.
Fintech as a force for good
The big news around fintech focuses on the many ways it is already making financial services more profitable, more scalable, more secure and more user-friendly.
FIBA commits to 30 events
The Financial Intermediary & Broker Association (FIBA) has announced 30 regional meetings for its members and intermediaries interested in joining the Association.
20% of brands to abandon their mobile apps by 2019
A fifth of brands will abandon their mobile apps by 2019 due to a lack of adoption and customer engagement, according to a study by research and advisory company Gartner.