OakNorth has revealed a huge profit surge of 220 per cent to 拢33.9 million.
The challenger bank鈥檚 total loan facilities grew 160 per cent in 2018 to 拢2.2 billion.
Launched in September 2015, OakNorth offers loans of 拢500,000 to 拢40m to fast-growth UK businesses and established property developers and investors.
Its聽FinTech platform, OakNorth Analytical Intelligence, has helped ensure that it maintains a high credit quality and a clear view of how each business within its portfolio is performing.
To date, OakNorth has not had a single default, and the last 12 months saw it receive over 拢400 million of repayments.
Earlier this week OakNorth, which is Europe’s most valuable FinTech聽following a $440 million investment round led by SoftBank, strengthened its leadership team with two appointments.
鈥淭o date, we鈥檝e lent 拢3bn to growth businesses across the UK, helping them achieve their ambitions whilst simultaneously enabling the creation of 10,000 new homes and 13,000 new jobs,鈥� said CEO and co-founder Rishi Khosla.
鈥淭he companies we are lending to are home-builders, job-creators, productivity-boosters, and drivers of GDP growth, which have a transformative impact on our community and the health of the wider economy.
鈥淭o continue reinforcing this positive cycle, we will be donating one per cent of group profits to supporting charitable causes and social entrepreneurship.
鈥淭hrough the licensing of our platform, OakNorth Analytical Intelligence, to bank partners around the world, we will bring a similar impact to entrepreneurs and communities globally.鈥�
Its clients include some of the most well-known and successful businesses in the UK: LEON, Brasserie Bar Co., NetPay, TritonExec, Regal London, Baird Capital, Rockpool Investments, Galliard, Frogmore, and The Collective.
The business鈥� lending efforts are supported through the range of competitive savings products it offers to both individuals and businesses, and it now has over 40,000 savings customers and a Feefo rating of 4.5 stars thanks to its simple online application and 11-second average phone response times.