Sumitomo Mitsui Bank (SMBC) has invested $30mn in UK FinTech OakNorth.
In Brief:
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SMBC will use OakNorth’s credit intelligence software.
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It plans to improve analytics across its loan book in the US and Asian market.
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The software analyses borrowers’ data along with the region and sector to understand the borrower’s needs and to assist regulatory reporting.
What does this mean?
SMBC says that OakNorth’s tool will improve the quality, consistency and speed of decision making for its commercial loans. The investment of $30mn into OakNorth Holdings Limited through a secondary share purchase points to a long-term relationship between the two firms.
