Financial and technological services provided by startup OakNorth, have overwhelmed SoftBank for $ 440 million

Financial and technological services of startup OakNorth are estimated at $ 440 million of investments

Financial and technological services provided by OakNorth strongly interested Japanese SoftBank, which is known for its proven investments in budding startups. Together with the Clermont Group, SoftBank invested in OakNorth. As a result, total investment in the project amounted to more than $ 1 billion, and the estimate has exceeded $ 2.8 billion. This is an absolute record among other European FinTech enterprises.

The startup received about $ 400 million from the SoftBank venture division, and another $ 50 million from the Clermont Group, an international conglomerate. This stage of financing broke the last record of German neobank N26, which a month earlier collected $ 300 million and became the most heavily funded financial enterprise in recent years. Therefore, N26 has reached an estimate of 2.7 billion dollars and has become one of the largest “unicorns” in Europe. The company Insight Venture Partners was the first to participate in the round, and the Singapore Welfare Fund contributed a large share. The previous investment stage N26 closed almost a year ago, collecting 160 million dollars. In 2018, this was the largest investment in financial and technological services in Europe and accounted for 12% of the total financing of the industry. Total new generation bank collected 500 million dollars.

N26 is a mobile bank that allows you to issue a debit card or open an account without visiting a bank branch. The service operates in 24 European countries, and in the future plans to expand into the United States and create a single, international brand. According to the bank itself, since its opening in 2015, 2.3 million people have used the services, depositing a total of more than 1 billion euros. In December 2018, the N26 released a new N26 Metal card to the UK market, targeting VIP customers. Another Fintech startup from London, the Upgrade Pack, collected £ 1 million, getting investors interested in developing loyalty programs for banks. It is noteworthy that this company was launched only a year ago, and is already estimated at 8 and a half million dollars.

Financial and Technological Services of OakNorth

Startup OakNorth is engaged in lending to small and medium-sized enterprises, as well as developing its automatic lending system, which is used by banks from 9 countries. Start-up loan portfolio – more than 3.5 billion dollars.

The funds collected during the rounds of financing the company plans to direct to entering the US markets, and further refinement of the credit platform. The current round of investment followed the previous, D-series, which ended the company with a pleasant investment of $ 100 million.

Thus, the business is experiencing another surge of interest in start-ups that operate in the field of financial and technological services. This affects the new generation of banks, credit platforms, and loyalty services, other financial services for small and medium businesses. Investors are ready to invest in interesting projects that can move the conservative European banking industry off the ground.

Учитывая широкий спектр технических областей, в рамках которых развивается и консультирует Александр Пан, данный ресурс ведется пресс-службой эксперта. В настоящий момент мы постоянно обновляем актуальные темы, входящие в компетенцию Александра - это IT, Искусственный Интеллект, Блокчейн и финансовые разработки. Желаем вам увлекательного чтения и приятного времяпровождения на данном блоге.

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Financial and technological services provided by startup OakNorth, have overwhelmed SoftBank for $ 440 million