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| Exchange Received Time 13/10/2017 00:26:20 Exchange Disseminated Time 13/10/2017 00:26:24 Time Taken 00:00:04 | | We wish to place on record, as under - OakNorth Bank has secured investment of £154 Mn (USD 203 Mn) from 3 investors - Clermont Group, Toscafund & Coltrane-for a 16% stake valuing it at £962 Mn (USD 1,270 Mn). Company's approx. 30% stake is now valued at USD 380 Mn, against the original investment of USD 100 Mn. Thus, in under 2 yrs IBHFL's investment has multiplied by 3.8x. Founded in 2015, OakNorth Bank became profitable after just 11 months and within 2 yrs of operations has grown its loan book to over £ 800 Mn. This fresh investment will enable it to lend a further £ 1.5 Bn in 2018. It has been able to unlock the UK lending market for SMEs through a fintech solution called the ACORN data and technology platform. The ACORN machine, composed of 3 pillars - data, technology and processes, collects millions of data items and then uses machine learning algorithms to distil information to enable lenders to make informed credit decisions. (for full details, refer the attached intimation) |
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