play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
chevron_left
volume_up
chevron_left
  • cover play_arrow

    Rother Radio (128k) Love Local, Love Music!

  • cover play_arrow

    Rother Radio (64K) Love Local, Love Music!

  • cover play_arrow

    Hit Music Radio (128K) More Music Variety!

  • cover play_arrow

    Hit Music Radio (64K) The Best Variety of Hits!

Business News

Tory donor’s digital bank OakNorth hires Goldman to land new funding

today28/10/2021

Background
share close

A British fintech unicorn founded by a Conservative Party donor is working with bankers on a new funding round as valuations across the sector continue to soar.

Sky News has learnt that OakNorth, which counts the former chancellor Philip Hammond among its advisers, has hired Goldman Sachs to explore a share sale that would be its first primary fundraising for nearly three years.

OakNorth launched its digital bank in the UK in 2015, having been set up by Rishi Khosla, who has become a prominent figure in Tory fundraising circles.

It also operates a credit intelligence arm which supplies other banking clients with analysis of loan data.

The size of a new equity-raise and the valuation that it would attribute to OakNorth were unclear on Thursday.

A source close to the company said it did not require new funding and would only proceed with a raise if it identified investors who would be valuable partners for it.

Its last round, in February, saw SoftBank’s Vision Fund lead a $440m injection at a $2.8bn valuation.

More from Business

Since then, the price tags of some of Europe’s biggest so-called neobanks has surged, with N26, the German-based fintech, recently securing funds in a round valuing it at $9bn.

This week, Sky News revealed that Monzo, another British digital bank, was working on a £300m share sale that is expected to boost its value to around £3bn.

OakNorth declined to comment on Thursday.

 Sky News

© Sky News 2021

Written by: Rother Radio News


Previous post

World News

India test-fires nuclear-capable missile amid tensions with China

India has test-fired a nuclear-capable intercontinental ballistic missile from an island of its east coast amid lingering border tensions with China.The Agni-V missile landed in the Bay of Bengal with "a very high degree of accuracy", a government statement said. India said it was part of a policy "to have credible minimum deterrence that underpins the commitment to no first use".The missile has a 3,125 mile-range (5,000km) and is believed […]

today28/10/2021