OakNorth’s $440 Million Equity Raising

Slaughter and May is advising OakNorth Holdings Ltd (OakNorth) on its $440 million equity raise, with $390 million of primary investment from SoftBank Vision Fund and additional secondary investment by the Clermont Group.

OakNorth is a challenger bank that specialises in lending to small and medium-sized businesses. Since OakNorth’s launch in September 2015, it has lent more than $4 billion to British businesses, and has licensed its automated lending system to other banks and lenders around the world.

This round takes OakNorth’s total primary and secondary funding to over $1 billion, and values OakNorth at around $2.8 billion, making it Europe’s highest-valued fintech and ranking it as one of the most well-funded fintechs in the world.

The team was composed by Corporate partner Michael Corbett (Picture), Richard de Carle (partner), Nilufer von Bismarck (partner), Francesca Harris (associate), Philip Lucas (associate); Financial Regulation: Ben Kingsley (partner); Tax: William Watson (partner), Charles Osborne (associate).

Involved fees earner: Michael Corbett – Slaughter and May; Richard de Carle – Slaughter and May; Francesca Harris – Slaughter and May; Ben Kingsley – Slaughter and May; Philip Lucas – Slaughter and May; Charles Osborne – Slaughter and May; Nilufer von Bismarck – Slaughter and May; William Watson – Slaughter and May;

Law Firms: Slaughter and May;

Clients: OakNorth Holdings Ltd;