Sumitomo Mitsui Banking Corporation invests £22.4m in OakNorth through a secondary share purchase.
Sumitomo Mitsui Banking Corporation has invested £22.4m in OakNorth through a secondary share purchase.
OakNorth provides artificial intelligence software designed to improve commercial lending and portfolio monitoring for financial institutions. Its enterprise platform combines dynamic data sets and machine learning to streamline credit analysis.
OakNorth has secured £22.4m in a private equity investment from Sumitomo Mitsui Banking Corporation via a secondary share purchase. The funding follows the international financial institution deploying the company software to enhance its commercial lending operations across the United States and Asia.
The transaction underlines growing corporate backing for the enterprise software provider, which applies machine learning and cloud computing to commercial credit decision making. Sumitomo Mitsui Banking Corporation has integrated the technology to support its digital transformation strategy and drive process automation in portfolio monitoring.
Financial advisory services for the transaction were provided by FT Partners.
From the founder
"SMBC continues to transform itself to adopt to changes in society and the economy. This partnership and investment is a clear demonstration of SMBC’s commitment to define the commercial banking model of the future and become the leading choice for businesses around the globe. Like us, SMBC wishes to create a better borrowing experience for businesses."
Rishi Khosla
Co-Founder at OakNorth
