OakNorth isn't perhaps the most high profile Challenger bank in the UK, solving a real problem by serving the 'missing middle' who aren't being served well by existing lenders. Their business began by exploring how they can actually solve this issue, rather than how they could become a great bank- Rishi citing this particular outlook as one of the reasons OakNorth has seen success.
Looking at OakNorth's social impact, their data shows that they've added about 2,000 to 3,000 new jobs through their lending as well as about 2,500 homes. Now perhaps some of these people may not have had a chance if it wasn't for OakNorth's human element. Their lending committee actually analyses the entrepreneurs behind the projects, rather than using a 'computer says no approach.'
Rishi clearly feels OakNorth are still in infancy when looking at their future roadmap, he states that they want to vastly expand the business as they believe they can solve problems in multiple markets. The future certainly seems bright for this challenger bank and their social impact is certainly impressive!
We hope you enjoy the show - spread the word, tell your friends and don't forget to leave us a review on iTunes.
If you want to get in touch, drop us a line at email@example.com or on Twitter @FintechInsiders and follow us on Facebook.