Philip Hammond has joined the advisory board of UK FinTech OakNorth.
Hammond stepped down as Chancellor of the Exchequer in 2019.
In a speech at the International FinTech Conference last year, he praised OakNorth’s $440mn capital raise.
OakNorth currently employs around 130 people and in 2018 made a pretax profit of nearly £34mn.
What does this mean?
It’s not just Hammond’s affinity for FinTech that’s led to him joining the company – OakNorth has also praised the support he offered to the country’s small businesses during his time as Chancellor. OakNorth was founded to focus on the underserved space, and in 2019 committed to lend £3bn to UK SMEs.