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OakNorth’s Pre-Tax Profits Increase by 23% While Expanding Its Offering to The US

OakNorth began lending to businesses in the US in the latter half of last year

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  • Written by  Banking Exchange staff
 
 
Rishi Khosla, CEO and co-founder of OakNorth Rishi Khosla, CEO and co-founder of OakNorth

According to OakNorth, the London-based company provided over £1.7bn of gross new lending facilities in 2023, supporting ambitious and innovative businesses.

Interestingly, about $200 million of the lending was to businesses in the US, where OakNorth began lending in the latter half of last year. The business has applied for a US representative office and is actively exploring M&A opportunities here.

OakNorth’s focus has been on supporting businesses with $1million to $130 million of turnover that it regards as the drivers of productivity, job creation, innovation, and GDP growth.

The bank also believes these business are underserved by banks. Since its launch in 2015, OakNorth has lent over £10bn which they claim has supported the creation of more than 47,000 jobs and over 29,000 new homes, the majority of which are social and affordable housing.

Rishi Khosla, CEO and co-founder of OakNorth, said:  “Joel and I founded OakNorth to transform how entrepreneurs grow their businesses, by providing them access to much-needed credit and personalized banking services. The last 12 months have been no exception, with £1.7bn lent to businesses across the UK and the US. We continued developing our credit approach and expanded our support for SMEs with our business banking offering, starting with business current and savings accounts."

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