Singaporean sovereign fund in talks to buy stake in OakNorth

Singaporean sovereign fund in talks to buy stake in OakNorth

Singapore's Government Investment Corporation (GIC) is close to agreeing a deal to acquire 10% of UK challenger bank OakNorth, according to Sky News.

Citing un-named sources, Sky News says that GIC would buy the stake from Indiabulls, one of the bank's biggest existing shareholders.

Rumours of the deal comes just weeks after OakNorth raised more than £150m from a trio of investors, valuing the company at close to £1bn.

One of a host of new entrants to the UK banking market, OakNorth bills itself as a bank for entrepreneurs, providing loans to small firms, and accepting deposits online.

The bank has made a virtue of its cloud-based technology‎ platform, using machine learning techniques and artificial intelligence tools to build up an £800 million loan book within two years of launch.

Sky News sources say that OakNorth is in advanced talks with a number of banks in North America about licensing its Acorn Machines AI technology for use, underlining an important growth opportunity for the company.

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