GIC, which has over $100 billion worth of assets under management, purchased its stake from Indian conglomerate Indiabulls.
The deal follows a recent £154 million round in the company from the Clermont Group, Toscafund, and Coltrane. According to the company, the total investment of £244 million makes it the largest fintech investment in the UK.
“Given the recent £154m raise, there wasn’t an immediate need to take in additional capital,” said Rishi Khosla, CEO of OakNorth. “However, when we became aware that GIC was interested in investing, there was a collective view that it would be hugely beneficial to the company if they did, so Indiabulls agreed to sell just under 10% of their stake.”
The additional capital from GIC will aid in Oak North’s internationalisation plans, namely in the US, Europe, and Asia. It recently launched ACORN machine as a platform for financial institutions to collect and manage data to make better credit decisions. The deal is expected to close later this month.