The investment, provided by EDBI, NIBC Bank, Clermont Group, sovereign wealth fund GIC and Coltrane Asset Management, is for 4.3% of the business, and will help the company scale across the UK and grow its fintech platform.
Founded in 2015, OakNorth has already raised $576 million from investors, and was valued at an estimated £962.5 million last October after a £154 million investment. The lender has already doubled its loan book from $1.1 billion to $2.2 billion so far this year, and expects to supply a further $600 million in credit by the end of 2018.
OakNorth provides financing of between £500,000 and £40 million for fast-growth businesses, as well as property developers and investors. Its clients include high street brands such as LEON and Brasserie Blanc, and developers including Galliard.