ACORN OakNorth is a fintech firm focused on unlocking the potential in bespoke SME lending globally using its data and technology platform, ACORN machine. ACORN uses cloud-based technology (hosted on AWS) to source millions of data items on SMEs across various parameters, sectors, and markets, and then uses machine learning algorithms to pull out the pieces of data that lenders need to make more informed credit decisions. ACORN’s team of credit analysts and data scientists then manage the process, training the machine learning algorithms, so that the platform continues to evolve. The platform enables banks and lending institutions around the world to originate, underwrite, monitor, and book bespoke loans to SMEs faster, more efficiently and with more rigour, thus replicating the success of OakNorth in the UK, in their own market. In the UK, the firm operates as OakNorth - a bank that serial entrepreneurs, Rishi Khosla and Joel Perlman, founded in September 2015.
Nominated for: Best Lending Platform
Since September 2015 when OakNorth launched, the bank has lent over £1bn and last year completed the largest fintech raise in the UK to date (£250m) which valued the company at $1.3bn.