Investment banking firm JP Morgan has taken part in a £142m ($185m) funding round for Oakbrook Finance, the UK-based operator of an online consumer lending platform, alongside investment advisory firm Atalaya Capital.
Founded in 2011, Oakbrook operates a digitally-enabled consumer finance and technology platform. It provides consumer loans sized between approximately $660 and $20,000 across two consumer lending businesses and a business-to-business service called O6K.
Earlier this month, the company formed a partnership with credit score provider Experian on a pilot to give people access to affordable credit.
Oakbrook’s chief executive, Luke Enock, said: “We are delighted to be working with JP Morgan and Atalaya as we continue to invest in our advanced analytics and our technology business, O6K, to become a leading non-bank provider of consumer lending solutions.
“This transformational next step builds on an excellent financial and operational performance in 2021 and further strengthens Oakbrook’s reputation across the industry. It will help the group accelerate growth and scale at pace.”
Other recent investments by JP Morgan include a $50m series B round for investment analytics provider Aumni in August 2021 that included law firm DLA Piper, wealth manager Citadel and financial services group SVB Financial Group.
The firm agreed two months earlier to buy digital wealth manager Nutmeg for a reported $980m, providing exits for financial services firm Fubon Financial Holdings and investment banks Goldman Sachs and Schroders.
