Competitor Profile: OakNorth

Competitor Profile: OakNorth

Summary

OakNorth is a digital-only lender that was founded in 2015 by Rishi Khosla and Joel Perlman. It offers personalized mortgages for high net worth customers in eight international currencies, business loans between £500,000 ($658,000) and £40m ($52.7m) with fixed-term and rolling credit options available, and savings accounts for both retail and business customers. The bank currently operates solely in the UK but plans to expand into multiple countries, notably China and the US.

This report provides information and insight into OakNorth, including comprehensive coverage of its products and services, a comparative assessment with its key competitors, information on its funding and financial performance, and details of its events and milestones.

Scope

  • OakNorth uses its savings and lending bank as a model to prove the effectiveness of its Analytical Intelligence platform, which it licenses to banks in Europe and the US.
  • The company has been profitable since its first year of operation, with pre-tax profits rising 220% in 2018 to $44.6m.
  • The bank takes just five days to approve credit and another 10-15 days to translate this into cash for the borrower.
  • By automating and digitizing the mortgage approval process, the bank can deliver Wall Street levels of service while also offering higher-than-average savings APRs to retail and business customers.
Reasons to buy
  • Gain insight into OakNorth’s business operations and key events.
  • Explore its product portfolio and partnership strategy.
  • Assess the competitive dynamics in the retail banking industry by comparing OakNorth’s performance against its competitors.


Overview
Benchmarking
Performance Highlights
Funding & Partner Merchants
Technology Focus
Products & Services
Significant Events
Key Employees
Appendix

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