LONDON, February 16, 2016 /PRNewswire/ --
Oakam will use facility to dramatically accelerate growth in the UK
Oakam ltd (http://www.oakam.com), a London based fintech lender has signed an agreement with the Royal Bank of Scotland (http://www.rbs.com ) for a senior debt line. The deal will provide Oakam with the means to accelerate growth and strengthen its position as the leading challenger/disruptor in micro-lending in the UK.
Oakam recently achieved some significant milestones:
- Lending £250 million
- Funding over 350,000 loans
- 1/3 of the customer base interacting through the recently released Oakam mobile app
- The Introduction of machine learning, leveraging proprietary data in re-lending decisions
These figures highlight the dramatic increase in demand for Oakam's products (122% average annual growth rate every year over the company's lifetime)).
Oakam was founded by Frederic Nze after he recognised a need to help those who struggle to access banking services and credit in the UK, including recent arrivals to the country and those with "thin" credit files. Oakam is backed by Cabot Square Capital LLP, a leading financial services private equity firm.
"The new transaction ensures we help create a better future for more people in the UK and beyond" said Frederic Nze, CEO of Oakam. "We are pleased to partner with RBS who have supported us as our bank since day one and who are again demonstrating their support for UK High Growth companies."
Michael Murray and Milena Sheahan, Directors of Financial Institutions at RBS commented: "RBS has provided transactional banking services to Oakam for a number of years. As an established banking partner to the business, the RBS team are delighted to further develop the relationship and support the business, assisting Oakam in providing much valued help to more beneficiaries of the credit they offer".
James Clark, partner at Cabot Square Capital commented: "We are very pleased that RBS and Oakam have decided to enhance their partnership in continuing to build the UK's best platform for unsecured credit for those who struggle to access credit. We are proud of what the business has achieved to date and look forward to supporting their growth plans."
About Oakam ( http://www.oakam.com )
Oakam provides straightforward and simple financial services for people who find it difficult to borrow from banks. Oakam uses a unique omni-channel combination of face-to-face and high-tech delivery to ensure it achieves the dual objectives of increasing reach and reducing the cost of credit to people at the 'bottom of the pyramid'.
RBS is a UK-centred bank with its headquarters in Edinburgh, Scotland. It supports customers to access international markets in Europe, Asia, the Middle East and North America.
RBS provides a wide range of products and services to personal, commercial, large corporate and institutional customers through its two principal subsidiaries, The Royal Bank of Scotland plc and National Westminster Bank Plc, as well as through a number of other well-known brands including Citizens, Charter One, Ulster Bank, Coutts.
About Cabot Square Capital LLP
Cabot Square Capital is a leading provider of growth capital to UK financial services and operating property businesses. The firm is entering its 20th year of operations and has helped build over 25 companies during this time. Cabot Square Capital is currently investing its fifth institutional fund.
SOURCE Oakam ltd