OakNorth adds Sumitomo Mitsui Banking Corporation as investors in a $30 million secondary deal

OakNorth, a London, UK-based bank provider of business and property loans for small and medium-sized companies, announced that it enetered into an agreement for adding the Japanese corporation Sumitomo Mitsui Banking Corporation as investors in the company.

The deal was made through a $30 million secondary purchase and is part of a larger partnership involving deployment of OakNorth's credit intelligence software with. The partnership with OakNorth will provide SMBC with superior insight into its commercial loan book and borrowers in the US and Asia, as well as drive process automation and efficiency in its portfolio monitoring.

OakNorth, founded in 2013 by Rishi Khosla and Joel Perlman, is a B2B bank that uses proprietary enterprise software which combines a deep understanding of credit, dynamic data sets, auto-analysis capabilities, cloud-computing and state of the art machine learning, to deliver an extraordinary borrowing experience for businesses. Its credit and monitoring tool is informed by industry benchmarks, peer analysis, and scenario analysis to improve the quality, consistency and speed of commercial lending decision making.

OakNorth has secured over $1bn from leading investors, including: Clermont Group, Coltrane, EDBI of Singapore, GIC, NIBC, Toscafund, SMBC, and SoftBank.