SoftBank-backed fintech startup OakNorth says it's been lending at record levels amid the coronavirus pandemic.
OakNorth cofounder Rishi Khosla addressed ongoing IPO chatter, saying the firm wasn't looking to list but that a direct listing would make the most sense of any option.One of the world's largest banks, Sumitomo Mitsui Bank , has acquired a $30 million stake in SoftBank-backed fintech OakNorth as the coronavirus pandemic pushes the UK fintech's loanbook to higher levels.
In 2018, it raised $390 million from SoftBank's Vision Fund as part of a wider $440 million round — one of the biggest funding rounds at the time for a UK startup.The firm has benefited from the Coronavirus Business Interruption Loan Scheme, or CBILs, a UK government scheme aimed at helping small and medium-sized companies impacted by coronavirus by allowing them to borrow up to £5 million at preferential rates.
The software gives lenders a "granular approach" to the credit process, Khosla said. Rather than the conventional "top-down view" of a dozen macro sectors, OakNorth has built a new "framework to look at new loans." Another funding round or an IPO is not on OakNorth's short-term horizon as it doesn't need the cash, Khosla said, though the firm has been subject to long-time speculation of a possible listing.
good luck
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside the NCAA's rules for student-athletes monetizing their brand - Business InsiderNCAA student-athletes are months away from being able to profit off their brand. Here are all the ways businesses, agents, and advertisers can — and can't — work with them. thank you very much for your work
Source: BusinessInsider - 🏆 729. / 51 Read more »
What it's like inside a Venezuela hospital with no running water or medicine - Business InsiderWe went inside a public hospital in Venezuela where there's no running water and cancer patients have to provide their own medicine US Sanctions do that! StopTheCruelty
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside the Amex virtual mentorship program helping low-income students - Business InsiderBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. Great initiative!!!
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside high-end custom pianos with Steinway & Sons CEO, Lenny Kravitz - Business InsiderInside the highest end of high-end pianos, with classic brand Steinway & Sons and its newest collaborator, Lenny Kravitz wow
Source: BusinessInsider - 🏆 729. / 51 Read more »
Webinar: Inside private-equity recruiting at Carlyle, Apollo, Bain - Business InsiderJoin us on Thursday, December 3, at 1 p.m. ET, as Business Insider's Wall Street reporter reedalexander moderates a panel featuring four experienced recruiters from top private-equity firms. They'll share tips on how to make it in the industry and more.
Source: BusinessInsider - 🏆 729. / 51 Read more »