OakNorth has announced it has made The Leap 100 2017 – a community of the most exciting, fast-growth companies in the UK – launched by London law firm Mishcon de Reya and business publication City A.M. and nominated in partnership with Seven Hills and The Entrepreneurs Network.
To be considered for The Leap 100, companies needed to demonstrate a recent history of rapid revenue growth, as well as ambitious plans for the future. The lender was recently named as one of 17 UK fintech businesses that could reach a $1bn valuation in the future, and several of its clients, including naturally fast-food chain, LEON, have featured on the list in the past.
Launched in September 2015, OakNorth – which in August 2016 become the first completely new bank in the UK to achieve profitability less than one year after launching – provides fast, flexible and accessible debt finance to fast-growth businesses. In the last two years, the bank has: secured the third new banking license in the UK for 150 years (March 2015); secured a £66m investment from Indiabulls (November 2015); become the first UK bank to have its core systems fully-hosted on the cloud (May 2016); broken even and started making a profit (August 2016); grown its loan book to £450m; and raised over £280m in retail deposits from more than 7,000 savers. The loans it has provided have directly contributed to the creation of over 3,000 new jobs and 2,000 new homes in the UK, and it has helped over 100 business owners achieve their growth ambitions.
Rishi Khosla, CEO and co-founder of OakNorth, commented: “This is a huge achievement for OakNorth and wonderful recognition for all that we have achieved so far. We set out to shake up the UK lending sector and after just 18 months in the market, we have already proven our proposition and begun to give larger lenders a run for their money. Many of the fast-growth businesses we have lent to have featured on the list in the past, so it’s really exciting to be joining them and we look forward to meeting the other 99 companies throughout the year.”
For the third year running, The Leap 100 will support entrepreneurs as they experience the highs and lows of fast growth, bringing together founders and business leaders to share their ideas and experiences. Click here for the full 2017/18 list, which is neither ranked nor exhaustive.
Nick Davis, Head of Corporate at Mishcon de Reya, said: “Since launching The Leap 100 in 2015 we now have 300 fast growth businesses in The Leap community. Scaling-up is challenging and is usually a highly dramatic time for businesses. Over the course of this year, we will gather together these businesses to facilitate debate and discussion around the factors that impact them the most, especially in the period leading up to Brexit. It is always so interesting to assemble these businesses during this stage of their growth and to hear their unique insights.”
Christian May, Editor of City A.M., said of the list: “In the wake of Britain’s vote to leave the EU, the SME community continues to thrive. The Leap 100 is a very nimble selection of UK businesses – all flying in the face of the uncertainty that is Brexit to pursue rapid and sustainable growth. For this reason, The Leap 100 2017 is particularly inspirational, showcasing successful innovation, brand recognition and expansion into new markets and, of course, leadership and tenacity.”