Oaknorth is a UK bank founded in 2015 by Joel Perlman and Rishi Khosia, founders of Copal Amba. They were inspired to start the company after coming up against challenges in gaining debt finance for that business from high street banks.
Oaknorth was only the third new retail bank to be licensed in the UK in 150 years, and the first new bank to turn a profit inside a year, reporting a £10.6 million pre-tax profit in 2017.
Oaknorth lends between £500,000 and £40 million to businesses and property developers as well as property development finance, investment loans and savings accounts for businesses and individuals. In 2016 it became the first UK bank to have its core system hosted entirely on the cloud after partnering with Amazon Web Services.
To date, Oaknorth has supported the development of 8500 homes. It has offices in London, Manchester and New Delhi.
Oaknorth Bank Products and Services
Oaknorth is unusual amongst banks as clients can discuss their lending requirements, and their ambitions for that lending, directly with the Oaknorth Credit Committee. This process can allow deals to be finalised in weeks, instead of taking several months as is the norm.
Oaknorth loans are secured against a range of business assets, including:
Plant and machinery
Oaknorth funds management buyouts, management buy-ins, mergers, working capital, expansion, acquisitions and more. To date, it has lent more than £2billion to UK businesses.
Oaknorth also offers personal and business savings accounts that offer a higher rate of interest than most high street banks. Clients can choose from instant access, notice and fixed term accounts. Customers can apply online in as little as ten minutes.
Oaknorth Bank Security
OakNorth is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.
OakNorth Bank Contact Details
1st Floor Alexandra Buildings 28 Queen Street Manchester M2 5HX