Leading UK challenger bank, OakNorth, has released its 2018 results showing that profits increased to £33.9 million, a 220% increase from 2017; OakNorth has taken a very different approach to the other UK challenger banks and so far it is paying off handsomely; it is focused on lending to mid-sized businesses in amounts ranging from £500,000 up to £40 million; they have announced that they will donate 1% of future net profit to charitable causes and social entrepreneurship; they have loaned over £3 billion to growth businesses to date. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.