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Fintech

Japanese bank SMBC takes $30m stake in UK challenger OakNorth

The deal is at a discount to OakNorth’s overall valuation, compared to its most recent $440m financing round by SoftBank

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has participated in a secondary share sale by OakNorth, resulting in the bank closing a $30m investment in the British fintech firm.

SMBC will also become a client of OakNorth’s software arm, which uses artificial intelligence to speed up banks’ loan approval process, to benefit its loan book in the US and Asia.

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