OakNorth deepens support for SMEs with its first acquisition – and says there will be more

  • OakNorth has agreed to purchase 100% of Fluidly, subject to regulatory approval;
  • Founded in 2016, Fluidly’s mission is to help small businesses sleep better at night via its cashflow forecasting tool – a product which c.1,300 UK accounting firms subscribe to;
  • This mission is highly synergistic with OakNorth’s mission to empower the ‘Missing Middle’ – high-growth, mid-sized businesses which are looking to scale – through its use of data and forward-looking analytics;
  • OakNorth co-founder and Group CEO, Rishi Khosla, says the business will “continue to be open to evaluating acquisitions” which help it further its mission.

London, UK; Monday 13 December, 2021: OakNorth has today announced the acquisition of Intelligent Cashflow business, Fluidly (subject to regulatory approval due to Fluidly’s FCA registration).

Founded by entrepreneurs, Rishi Khosla and Joel Perlman, OakNorth’s mission is to empower the ‘Missing Middle’ – scale-up businesses that are the most significant contributors of economic and employment growth, yet still struggle to access the fast, flexible debt finance they need to grow. It is addressing this funding gap with its software, the ON Credit Intelligence Suite, which leverages data-driven, real-time sector insights, and ML-powered anomaly detection, peer comparisons, sector insights and events-based scenarios, to enable banks to lend faster, smarter and more to businesses. The software is being deployed by leading banks such as: SMBC, ABN Amro, Capital One, PNC, Fifth Third, and OakNorth’s own bank in the UK, OakNorth Bank – which the Fluidly team will work closely with.

Founded in 2016, Fluidly’s mission is to help small businesses sleep better at night via its cashflow forecasting tool. This mission is highly synergistic with OakNorth’s mission to empower the ‘Missing Middle’ through its use of data and forward-looking analytics. Since its launch in September 2015, OakNorth Bank has lent over £6.5B, supporting some of the fastest growing and most successful businesses across the UK with business loans. This has directly helped with the creation of 23,700 new jobs and 20,300 new homes. The Bank’s impressive growth to date has been largely fuelled by its highly satisfied customer base, which in turn, has led to high levels of referrals and repeat business.

To continue creating this exceptional experience for customers as it scales, OakNorth will continue investing in its digital offering, providing the speed and insights to customers which have become key differentiators in its proposition, and created the flywheel that has propelled its growth to date. The team which Fluidly has assembled, as well as its relationships with c.1,300 accountancy firms, will help propel this growth strategy, and mean that OakNorth can support an even greater number of small and medium-sized UK businesses.

Rishi Khosla, Co-founder and Group CEO of OakNorth, commented: “This is an exciting moment for us, we have always said that we will be opportunistic in evaluating acquisitions which have a strong strategic fit with our mission. We have found that with Fluidly and look forward to welcoming the Fluidly team. We continue to be open to evaluating acquisitions which help us further our mission to empower the Missing Middle.”

Caroline Plumb, founder and CEO of Fluidly, continued: “Fluidly and OakNorth are natural partners, and we’re strongly aligned in our mission to support SMEs. We’re very excited to be joining the team and start the next stage on our journey to help more businesses.”

ENDS

 

Notes to editors

 About OakNorth

OakNorth’s mission is to empower the Missing Middle. The group was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch the business following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).

Since its inception, OakNorth Holdings has secured over $1bn from leading investors, including: Clermont Group, Coltrane, EDBI of Singapore, GIC, Indiabulls, NIBC, Toscafund, and SoftBank Vision Fund.

 

 

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