Neobank OakNorth provides flexible financial finance to neglected mid-sized businesses in the UK to boost growth and impact.
With its business banking product, OakNorth, the neobank for entrepreneurs by entrepreneurs, is hoping to assist mid-sized firms (with a revenue between £1 million and £100 million).
99.9% of all enterprises are SMEs, with 5.6 million of them, according to the Federation of Small enterprises. In the UK private sector, they also make up about half of turnover and three-fifths of employment. But in the UK’s existing financial structure, medium-sized enterprises are now disregarded and neglected, just like their smaller counterparts.
In September 2015, Joel Perlman and Rishi Khosla OBE founded OakNorth to address these issues. Over £10 billion in loans have been made by the Neobank to large companies looking for quick and flexible debt financing. In the UK, this has helped to create 29,000 new homes and more than 40,000 new employment.
A customised product
The founders, CFOs, CEOs, and directors have collaborated on the OakNorth everyday business banking service. Constructing something from the ground up that grows with entrepreneurs and their ambitions is the aim.
Every company will have a specific OakNorth business partner that they can get in touch with by phone or email at any time. In addition to offering customised information on OakNorth’s goods and services, the business partner will be knowledgeable about their industry and strategic objectives. Rather than just providing a loan or savings account, this is being offered.
“OakNorth’s mission is to serve and empower businesses in the missing middle,” stated Rishi Khosla, co-founder and CEO of the company. We want to make sure that at every step of their growth journey with us, they have access to the appropriate resources, knowledge, and assistance.
We’ve been serving our customers for eight years, and throughout that time we’ve learned that they don’t think incumbent banks or other neobanks are meeting their banking demands. Despite the substantial impact they have on the local economy and communities, they are nevertheless disregarded and poorly served. particularly in terms of GDP growth, job creation, innovation, and productivity.
“It is crucial that these businesses have the right banking partner to support them, given the ongoing economic challenges.” We can’t wait to help meet this demand.
