UKs’ OakNorth Moves Into Business Banking Market
(7 November 2023 - United Kingdom) UK small business lender OakNorth is moving into the business banking market, promising SMEs a tailored menu of products and services supported by a dedicated account manager.
Since its inception in September 2015, OakNorth has lent over £10bn to support scale-up businesses across the UK. The lender has also had considerable success in packaging up its software suite for on-sale to major banks, including SMBC, ABN Amro, Capital One, PNC, and Fifth Third.
Rather than overwhelming businesses with a menu of products and features - many of which may be irrelevant to the business in question - OakNorth intends to work directly alongside founders, CFOs, CEOs, and directors in a phased Beta launch.
Each business will be assigned a dedicated OakNorth Business Partner who will understand their strategic goals, and provide tailored information on OakNorth’s products and services, rather than simply offering a loan or a savings account.
Rishi Khosla, co-founder and CEO of OakNorth, comments: “We know from the last eight years of serving our customers that they don’t feel their banking needs are being met by incumbents or other neobanks. They continue to be overlooked and underserved. Given ongoing economic challenges, it is essential that these businesses have the right banking partner to support them, and we are excited to step up to fill this need.”
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