UK-based neobank, OakNorth, has revealed a 73 per cent increase in pre-tax profits in its 2021 Annual Report, published this week, bringing numbers up to ￡134.5m. OakNorth says its new lending increased by 60 per cent on the prior year, with total facilities growing by 20 per cent to ￡4.2bn in 2021. “2021 marked a significant period of growth for our business, during which we surpassed the ￡100 million milestone in net income after just six years of operation,” said Rishi Khosla OBE, CEO and co-founder of OakNorth Bank.? “We look forward to continuing to build on this momentum and supporting the change-makers, productivity-drivers, job-creators, and innovators who are helping fuel the economic recovery, even as uncertainty lingers.” OakNorth claims its business is powered by its data-driven approach, with the ON Credit Intelligence Suite providing the Bank with a “data-rich” understanding of each business that it lends to, with a focus on future performance forecasting. The Bank attributes its low credit default track record to this approach. Read the full AltFi article through the link in the comments. #banking #bankingindustry #digitalbanking #onlinebaking #bankingapp #neobank #challengerbank #fintech #financialtechnology #financialservices #futureofbanking
Link to full article: https://www.altfi.com/article/9046