Company's 30% stake in OakNorth Bank now values USD 380 mn
Indiabulls Housing Finance announced that OakNorth Bank has secured investment of 154 Mn (USD 203 Mn) from 3 investors - Clermont Group, Toscafund & Coltrane-for a 16% stake valuing it at 962 Mn (USD 1,270 Mn).The Company's approx. 30% stake is now valued at USD 380 Mn, against the original investment of USD 100 Mn. Thus, in under 2 yrs IBHFL's investment has multiplied by 3.8x.
Founded in 2015, OakNorth Bank became profitable after just 11 months and within 2 yrs of operations has grown its loan book to over 800 Mn.
This fresh investment will enable it to lend a further 1.5 Bn in 2018. It has been able to unlock the UK lending market for SMEs through a fintech solution called the ACORN data and technology platform. The ACORN machine, composed of 3 pillars - data, technology and processes, collects millions of data items and then uses machine learning algorithms to distil information to enable lenders to make informed credit decisions.
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