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.
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