OakNorth, the neobank for entrepreneurs, by entrepreneurs, has launched its business banking offering, aimed at helping mid-sized businesses (revenue of £1million-£100million).
According to the Federation of Small Businesses, SMEs account for 99.9 per cent of the business population (5.6 million businesses). Additionally, they account for three-fifths of the employment and around half of turnover in the UK private sector. However, much like their smaller counterparts, medium-sized businesses are currently overlooked and underserved in the UK’s current financial landscape.
To combat these struggles, Rishi Khosla OBE and Joel Perlman launched OakNorth in September 2015. To date, the neobank has lent over £10billion to scale businesses seeking fast, flexible debt finance. This has contributed to the creation of more than 40,000 new jobs and 29,000 new homes across the UK.
A personalised offering
The OakNorth everyday business banking offer has been worked on with founders, CFOs, CEOs and directors. The goal is to build something from the ground up, that scales with entrepreneurs and their aspirations
Each business will be assigned a dedicated OakNorth business partner – someone they can call or email whenever they have a question. The Business Partner will understand their business, their strategic goals, and provide tailored information on OakNorth’s products and services. This is instead of simply offering a loan or a savings account.
Rishi Khosla, co-founder and CEO of OakNorth, commented: “OakNorth’s mission is to serve and empower businesses in the missing middle. We want to ensure each and every one of them has the right tools, insights, and support at every stage of their growth journey with us.
“We know from the last eight years of serving our customers that they don’t feel their banking needs are being met by incumbents or other neobanks. They continue to be overlooked and underserved, despite the significant contribution they make to the economy and local communities. Especially in terms of productivity, innovation, job creation, and GDP growth.
“Given ongoing economic challenges, it is essential that these businesses have the right banking partner to support them. We are excited to step up to fill this need.”