UK challenger bank OakNorth is reporting $10.6 million in profit in its second year of operation, moving into the black from a £2.4 million loss in 2016.
OakNorth – the bank for entrepreneurs, by entrepreneurs – has provided £1m of working capital to NetPay, the payment services provider founded in 2012 by Carl and Nicole Churchill.
Singapore's Government Investment Corporation (GIC) is close to agreeing a deal to acquire 10% of UK challenger bank OakNorth, according to Sky News.
OakNorth, a UK challenger bank targeting small- and medium-sized businesses, is looking to ramp up lending and license its technology around the world after raising £154 million from a group of international investors.
© Finextra Research 2018