OakNorth
The bank for entrepreneurs, by entrepreneurs
Launched in 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering businesses with £1m-£100m in turnover, that are seeking to scale but are routinely underserved or overlooked by traditional banks.
Since its inception, the bank has backed countless trailblazing businesses, injecting over £11bn into UK communities. To date, its bespoke debt finance solutions, ranging from £1m to tens of millions, have supported property developers, care homes, specialist schools and nurseries, hotels, bars and restaurants, pub operators, as well as fund and specialist finance providers. With a range of specialist secured and unsecured business loans, OakNorth caters to the growth plans of businesses, without asking them to give up equity.
Its data-led approach allows it to look at the future, rather than just fixating on the past. Using data and analytics, it builds up a granular view of every business in its portfolio, combining this with forward-looking scenario analysis, to enable it to be a trusted funding partner as the business scales, and continue confidently lending through economic cycles and unprecedented events.
OakNorth differentiates itself from other lenders via four unique selling points:
- Speed – it offers a quick ‘yes’ or ‘no’ decision so that it doesn’t waste business time. It will always try to find a path to ‘yes’ and will never take a computer-says-no decision.
- Flexibility – it will take time to get to know a business and structure a bespoke facility for its unique needs. No off-he-shelf solutions or ready-made products – it looks at each deal with a fresh pair of eyes.
- Transparency – every business it considers lending to is given the opportunity to meet its Credit Committee and discuss its borrowing needs directly with the decision-makers.
- An entrepreneurial approach – it was founded by entrepreneurs, not bankers, so it has a unique understanding of the opportunities and pain points facing businesses and speak the same language as them.
Now, OakNorth is empowering high-growth businesses to scale at speed with its business current account, offering customers with competitive rates business savings, Visa debit cards, and much more. Several factors set OakNorth business banking apart from competitors, including the ability to be up and running in days, rather than weeks or months, and constant access to a dedicated Business Partner on speed dial.
Staff Profiles: