Sumitomo Mitsui Banking Corporation (SMBC) one of Japan’s leading banks – and one of the word’s largest commercial lenders – has invested $30 million into UK challenger bank OakNorth through a secondary transaction.

SMBC today also announced that it has become an OakNorth customer, deploying its ‘Credit Intelligence’ software to enhance its commercial lending proposition in the US and Asia.

Rishi Khosla, co-founder of OakNorth, said: “SMBC continues to transform itself to adopt to changes in society and the economy. This partnership and investment is a clear demonstration of SMBC’s commitment to define the commercial banking model of the future and become the leading choice for businesses around the globe.”

Almost exactly three years ago, GIC (Singapore’s sovereign wealth fund) invested £90 million in OakNorth. According to Crunchbase, the company has raised more than $1 billion to date.

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