Summary
OakNorth, which provides debt finance of £500,000 to £40m to growth-stage SMEs, operates from a Manchester base alongside its London headquarters. The firm's head of IT infrastructure, support, risk and client-facing functions are based in the city, with the latest expansion adding four senior lending roles across the region.
Chief operating officer Amir Nooriala told an event hosted by MIDAS that Manchester's four universities, established banking talent pool, and connectivity via Manchester Airport's two runways made the city essential to the business model. OakNorth, which made £33.9m pre-tax profit last year, joins other fintech firms choosing Manchester over London.
Nooriala predicted Manchester will become a fintech hub rivalling London within two years, driven by successful exits and IPOs that will trigger investor interest beyond the capital. MIDAS reported that e-commerce companies relocating to Manchester from London can achieve 40% cost reductions, a significant advantage for growth-stage firms competing for capital.
Read the full story at Manchester Evening News
This is a summary written for the Manchester Business Services register. The full article belongs to Manchester Evening News — read it at source.
Common questions
- What is this article about?
- OakNorth, Europe's leading fintech by assets and revenue, is bolstering its Manchester office with four senior lending team members across the North West and Midlands. The London-headquartered challenger bank, which has lent £3bn since 2015, cited talent access, airport connectivity and university partnerships as reasons for treating Manchester as essential to its growth strategy.
- When was this published?
- This article was published on 6 June 2019.
- Who published this article?
- This article was published by Manchester Evening News.