UK-based lender and fintech developer Acorn OakNorth raised $100m on Thursday from a consortium that included financial services firm NIBC Bank.
EDBI, the investment arm of Singaporean statutory agency Economic Development Board, also contributed to the round, alongside the country’s sovereign wealth fund GIC, Clermont Group and Coltrane Asset Management.
OakNorth provides business loans to businesses and entrepreneurs, including property developers, restaurants and hotel chains. It has also developed Acorn, a machine learning platform to help financial services firms offer loans more efficiently.
The latest cash injection will go towards accelerated growth of the UK business and drive adoption of Acorn internationally. The company has opened offices in New York and Singapore and expects to have more than $5bn under management by the end of the year.
GIC previously invested $120m in November 2017, a month after Clermont Group, Toscafund and Coltrane had supplied $202m in funding. In 2015, real estate company Indiabulls purchased a 40% stake in return for a $100m investment.
Paulus de Wilt, chief executive of NIBC Bank, said: “We are proud to be partnering with Acorn machine for our mid-market lending business.
“The platform will enhance our efficiency and insights with regards to credit analysis and monitoring, thus enabling us to even better serve our mid-market clients. This collaboration will strengthen NIBC’s tech-based approach and preparation for the future.”