UK FinTech OakNorth Bank has opened up a new office in Birmingham and is already investing in the region.
The company has made four new senior hires for its Birmingham operations.
Notably, it has completed a £750,000 debt financing deal with Birmingham based nursery group Bright Minds Daycare.
It has also been developing a new regional team in Manchester.
What does this mean?
OakNorth has cited the potential of Birmingham as the second largest city in England and home of around 23,000 small and medium businesses. The bank has an increasingly regional focus having opened up its Manchester space, and overall aims to gain market share while many high street lenders are pulling back.
Ben Barbanel, Head of Debt Finance, told FinTech Alliance: “As the UK’s second largest city and home to almost 23,000 SMEs, Birmingham was the next logical place for the bank to open an office and add to our existing offices in both London and Manchester.
“The city’s supply of digital talent, world-class institutions and entrepreneurial spirit is creating a perfect ecosystem where business like OakNorth and those it supports can be born and thrive.
“We’re excited to represent an underserved market and provide SMEs in the Midlands such as Bright Minds Daycare with an opportunity to grow their business.”