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.
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