Since obtaining its banking licence in 2015, this digital-only challenger bank says it has lent more than £4bn to hundreds of UK businesses in amounts ranging from £500,000 to £45m, without any credit losses. OakNorth has continued to lend during the pandemic; it was allocated more than £200m by the British Business Bank for the coronavirus business interruption loan schemes. The group’s credit analysis and monitoring platform, which leverages machine learning and decades of credit data to model a forward-looking view of a borrower’s financial situation, has also been licensed to non-UK banks, including PNC in America and Dutch lender NIBC. Under co-founders Rishi Khosla, 44, and Joel Perlman, 46, revenues reached £104.3m last year, following the group’s $440m investment round led by Japan’s SoftBank. Former chancellor Philip Hammond joined its advisory board in January.
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