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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...
Leeds Building Society cuts rate on retirement interest-only mortgage
Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage...
60% of people want to know where their money is invested
Six out of 10 people (60%) want to know where their money is invested, according to the latest research published by Charity Bank...
Why commercial banks are in danger of being left behind
Harnessing a customer-first, technology-led approach, retail banks are paving the way with innovation...
Aldermore supports Quba Solutions with £10m facility
Aldermore has provided a £10m finance facility to Dorchester-based Quba Solutions...
TSB announces new SME banking leadership team
TSB has revealed its new SME banking leadership team as it prepares to launch its business banking proposition later this year...
Paragon Banking Group expects 25% BTL pipeline growth
Paragon Banking Group has announced that its BTL pipeline at 30th September 2018 is expected to be more than 25% higher than the level reported at the same time last year...
Development Bank of Wales moves into new Wrexham HQ
The Development Bank of Wales has opened its new headquarters in Wrexham at Yale Business Village...
Metro Bank announces opening date for Bristol store
Metro Bank has revealed the opening date for its first Bristol store...
Bremer Bank partners with automated lending platform
Bremer Bank has announced that it will be partnering with Numerated to launch an automated lending platform...