OakNorth Expands U.S. Footprint with Key Acquisition

Hey Digital Banking Fanatic!

OakNorth, the UK-based digital bank for SMEs, is strengthening its foothold in the U.S. market. Following a strong financial performance in 2024, the company has announced its acquisition of the Michigan-based Community Unity Bank in a stock-for-stock deal.

This move builds on its earlier expansion into the tri-state New York area and aligns with its broader growth strategy. In August, OakNorth received regulatory approvals from the Federal Reserve and the New York State Department of Financial Services to open a representative office in New York.

The newly announced acquisition marks a further step in its efforts to scale operations across the country. Community Unity Bank, established in 2022 and insured by the FDIC, will provide OakNorth with a stronger presence in the Midwest.

“Demand from U.S. borrowers continues to be exceptionally strong, and our differentiated offering and unique approach to lending has enabled us to rapidly establish a strong presence in the U.S. market, resulting in us lending (around three times) our initial expectations,” said CEO Rishi Khosla. The transaction is subject to regulatory approvals.

Scroll down for more interesting Digital Banking industry news updates and I'll be back in your inbox tomorrow!

Cheers,

Marcel

Stay Updated on the Go! Join my new Telegram channel for daily Digital Banking updates and real-time breaking news. Stay informed and explore the Future of Banking—subscribe now!

INSIGHTS

Mastercard ?? Visa : Who dominated this quarter?

Let's dive in??

DIGITAL BANKING NEWS

???? OakNorth Bank agreed to buy Community Unity Bank in the U.S. in a stock-for-stock deal as it seeks to expand its presence in the country. The U.K. business-focused digital lender said that the acquisition of the Michigan-based bank is subject to regulatory approvals.

???? ANZ Plus reaches one million customers. Maile Carnegie, Group Executive of Australia Retail, stated that ANZ Plus empowers customers to manage their finances more effectively with advanced tools for mindful spending, consistent saving, and improving overall financial well-being.

???? Mastercard Open Banking powers account aggregation for Virgin Money credit card customers. Customers will soon be able to see their credit card and current account balances and transactions from other banks on the app. With this smart solution, they can manage finances quickly and conveniently in one place.

???? Greek neobank Snappi opens waitlist. Greek tax residents can join the waitlist for Snappi, Greece’s first neobank licensed by the European Central Bank, gaining exclusive early access to a new type of European ‘digital first’ bank. Continue reading

???? mylo one of the first companies to receive consumer finance FRA approval for digital onboarding in Egypt. This landmark achievement represents a transformative leap in Egypt’s consumer finance sector, redefining customer experience by streamlining and digitizing financial access.

???? Nu CPO Jag Duggal to step down in early April to attend to personal matters. The San Francisco-based executive, who’s been at Nu since January 2020 and held the role through its initial public offering in late 2021, will stay on as an adviser. Continue reading

???? Saxo UK director Michael Ridley resigns. Ridley joined Saxo UK’s board in 2022. He is a finance industry veteran with over 40 years of experience in investment banking, focusing on sovereigns and financial institutions. Read on

Want your message in front of 100.000+ Digital Banking fanatics, founders, investors, and operators?

Shoot me a message on?LinkedIn.