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Chandra was specifically brought in to ramp up the startup's scaling plans as it looks to strengthen its grip on an estimated $7.9 trillion market. The fund wants to be a kingmaker, but turbulence at its most high-profile investments — Uber, WeWork — has raised questions about its investment strategy.OakNorth loans money to small- and medium-sized businesses. It raised $390 million from the Vision Fund, as part of a wider $440 million round in 2018, one of the biggest for a UK startup.
Chandra met Khosla six months ago in New York and took over to help build what he describes as a "generational company." The company has a full banking license in the UK, but its focus is bespoke lending to companies around the world. last year having lent more than £2.5 billion since launch. Mid-market loans typically include stronger covenant packages, more frequent and transparent financialIn basic terms, the lending conditions of these products are generally superior to other forms of corporate debt with the upshot being that OakNorth can be more stringent in its terms. This may also explain the sector's low default rates, with OakNorth claiming to have never had one so far. That could be tested in the event of an economic downturn, but for now things are rosy.
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