Rishi Khosla, CEO of ACORN OakNorth, on building one of the world’s only profitable fintech unicorns
Rishi and his business partner established ACORN OakNorth to solve the problem around bespoke lending to SMEs, leveraging big data and machine learning in order to do this.
They used the ACORN machine platform to establish OakNorth in the UK (the third new bank to receive a license from the Bank of England in 150 years) focusing on lending £0.5m-£30m to businesses. In its first 30 months, it has lent over £1.25bn to SMEs, with no credit defaults, and has made over £10.5m profit.
Outside of the UK, the ACORN machine platform is licensed to other banks and lenders, enabling them to replicate OakNorth’s success with SME lending in the UK, in their own market/s.
The business is one of the fastest growing financial companies in European history and has secured over £360m investment since inception, with a value in excess of £1bn.
Blockchain is on a mission to build a more open, accessible, and fair financial future, one piece of software at a time.
Thanks to its rapid expansion and position as the world’s most popular digital currency wallet, the firm’s technology is revolutionizing the $13T financial services industry by empowering millions across the globe to authenticate and transact immediately and without costly intermediaries.
Charlotte Hogg, COO Bank of England
Lawrence Wintermeyer, CEO Innovate Finance
Also featuring: Mariano Belinky, Managing Partner, Santander InnoVentures; Taras Chaban, CEO, Sybenetix; Dan Cobley, Managing Partner for FinTech, Blenheim Chalcot; James Sherwin Smith, CEO, Growth Street; Nadeem Shaikh, CEO, Anthemis; Dr Tim Sievers, CEO, Deposit Solutions.
Digital innovation is driving unprecedented levels of change in the financial services sector and attracting huge sums of money: over US$12bn of venture capital was raised globally in 2015, and over US$16bn during the first half of 2016. Top tier financial institutions are entering the space and new technologies and plays in distributed ledger technologies, machine learning, analytics and digital security are beginning to reshape the wholesale capital markets infrastructure (in the same way that we are already seeing in retail finance).
In partnership with Innovate Finance, the UK’s membership organization for FinTech companies, Pi is hosting an extended breakfast to provide an inside view of the disruption, the disrupters and opportunities for investment. Lawrence Wintermeyer from Innovate Finance will provide an overview of the sector in the UK, its growth prospects and opportunities. Charlotte Hogg, COO of the Bank of England, will bring the regulator’s perspective. We will then hear from a number of top FinTech companies from across the sector about their own plans and objectives for growth – followed by discussion.