SoftBank invests in UK fintech OakNorth, giving it $2.8B valuation

OakNorth said Friday it secured a $440 million investment from Japan’s SoftBank and Singapore’s Clermont Group.

The British digital bank, which lends to small-to-medium enterprises through its digital platform, said it had raised $390 million from SoftBank’s $100 billion Vision Fund, with the remaining capital coming from Clermont.

The deal gives the three-year-old firm an eye-watering $2.8 billion post-money valuation, making it Europe’s most valuable private fintech group.

Speculation over the funding began late last year after a Times of London report said that SoftBank was in talks with OakNorth and fellow British fintech firm Revolut about investing in both businesses via its technology investment fund.