Challenger bank OakNorth has been valued at $2.3bn after closing a $100m funding round. The group said the money will be used to drive the bank’s growth globally and to continue building the business in the UK.
Rishi Khosla, OakNorth’s co-founder and chief executive, has stated that the firm has been overwhelmed by the interest in its fintech platform, dubbed Acorn, which helps banks that adopt it lend to small and medium-sized firms more efficiently.
“Having the support of such a renowned group of international investors is testament to the strength of the platform’s proposition to lenders globally,” Khosla added.
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