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24


THE BIG INTERVIEW Into the cloud


IBS Journal talks to Francesca Gandolfo, Chief Operations Officer, OakNorth Bank, which last year became the first bank in the UK to have its core system fully hosted on the cloud


systems, could you tell us about OakNorth Bank? I


Francesca Gandolfo: We’re a new bank in the UK, focused on providing fast, flexible and accessible debt finance (typically between £1 million - £20 million) to entrepreneurs and mid- sized growth businesses. We are the third new retail deposit- taking bank licenced in the UK in 150 years, and the only new bank in the UK to achieve profitability within its first year of operations. We obtained our licence in March 2015 and began trading six months later. Since then, we’ve managed to grow to approximately 100 employees with a loan book of c. £300 million.


Our founders are Rishi Khosla and Joel Perlman, two seasoned entrepreneurs who, in building Copal Amba (their previous venture), encountered issues securing debt finance from UK High Street banks. Unlike the large incumbent banks, we give our clients the opportunity to discuss their loan requirements and growth ambitions directly with the Credit Committee (the decision makers). This personal and transparent process enables deals – from first meeting to disbursement of cash – to typically be completed in weeks rather than the months it takes at larger institutions. We also consider multiple collateral types – stock, debtors, plant and machinery, intellectual property, etc. – rather than defaulting to only real estate like other banks.


www.ibsintelligence.com © IBS Intelligence 2017


BS Journal: Before we get to core banking


On the retail side, we offer four fixed term accounts ranging from 12 to 30 months, as well as easy-access accounts, and have raised c. £175 million from over 5,000 customers.


IBS Journal: Your core banking software is supplied by another relatively young firm, Mambu. What were the key factors that


influenced OakNorth’s selection?


FG: To properly meet the needs of entrepreneurial growth businesses in the UK, we knew we needed a radically different approach to customer service than what was available from traditional banks. This meant merging the best practices of commercial and retail banking with the technical flexibility and dexterity of an online digital disruptor – in this case, Mambu.


Like us, Mambu was a startup, which meant they could be fast and flexible, working with us as we built our technology stack. The platform was developed for cloud, which was helpful as we knew this was what we eventually wanted.


Their infrastructure and API enable us to offer business loans with flexible terms, such as the ability to accept multiple collateral types, and streamline the loan origination process. This is essential for us to compete with traditional providers and alternative lenders, as we’re able to complete deals in a fraction of the time that it takes large banks, but with the same level of robust underwriting as them.


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