UK small business lender OakNorth is reporting a stellar performance in 2021, posting a 73% increase in pre-tax profits to £134.5 million and a 60% increase in new lending to £1.8 billion.
Since its launch in September 2015, OakNorth Bank has lent over £6.9B to support scale-up businesses across the UK.
The lender has had considerable succcess in packaging up its software suite for on-sale to major banks, including SMBC, ABN Amro, Capital One, PNC, and Fifth Third.
Run independently as a sister entity to the bank, OakNorth's ON Credit Intelligence Suite is credited with supporting an exceptional credit rack record, with the firm reporting only twelve cases in default since its inception over six years ago. Of these, six have been resolved with 100% recovery.
In December, OakNorth made its first acquisition, taking a 100% stake in cashflow forecasting app Fluidly.
Rishi Khosla, CEO and co-founder, says: “2021 marked a significant period of growth for our business, during which we surpassed the £100 million milestone in net income after just six years of operation. We look forward to continuing to build on this momentum and supporting the change-makers, productivity-drivers, job-creators, and innovators who are helping fuel the economic recovery, even as uncertainty lingers. We have come an incredibly long way in a short amount of time, and are really excited about what the future holds for our customers as we continue on our mission to empower the Missing Middle.”