OakNorth isn’t perhaps the most high profile Challenger bank in the UK, solving a real problem by serving the ‘missing middle’ who aren’t being served well by existing lenders. Their business began by exploring how they can actually solve this issue, rather than how they could become a great bank- Rishi citing this particular outlook as one of the reasons OakNorth has seen success.
Very kind words from Lawrence Wintermeyer in Forbes..."The OakNorth team has quietly and patiently built a great proposition in an under served market, attracted quality clients to test the proposition, built a quality lending book, broke even in under a year, did the biggest raise in UK FinTech this year, became the fastest FinTech unicorn in the UK and Europe, and built out the data science engine behind its move to globally scale to new lenders on a platform, all before making its debutante entrance in the FinTech community over the past few weeks. Nice one team! We’ll keep a watchful eye on OakNorth to see how if fares through a full credit cycle and global scaling. It looks as if the force is with them."