Oakam's Winning Streak Continues With a Credit Today Award for the Best Alternative Lender

May 18, 2016, 12:37 ET from Oakam ltd

LONDON, May 18, 2016 /PRNewswire/ --

On Thursday the 12th of May, fintech lender Oakam won its second prestigious award in the space of just under two months! It was a triumphant evening for Oakam who won the Credit Today Award for the Best Alternative Lender for short to mid-term loans.

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Judges were immensely impressed by Oakam's wider business innovation efforts which involved; enhancing the mobile app to provide a cutting edge user experience for existing customers and leveraging machine learning and diverse data sources, beyond just a credit report, to enhance lending decisions.   This is all part of Oakam's customer centric ethos and business model - to treat customers as individuals whether on the mobile app, on our website, or in one our 22 high street stores.

Less than two months ago, Oakam's mobile App won an FStech award for the Best Digital Launch of the Year. 1/3 customers downloaded the app within the first 3 months of its launch and downloads and app usage continue to grow month on month.  

Winning yet another award within a few weeks of each other is another milestone in Oakam's corporate development and growth as Oakam is on pace to achieve record breaking loan originations this year.

Frederic Nze, Oakam's CEO says "Our customer first approach was a crucial factor to winning this award.  By combining leading edge mobile and digital technology and our experience underwriting under banked and unbanked consumers, many of whom are from migrant communities, we are able to generate better customer outcomes and improve financial inclusion. We are truly doing things differently in the alternative lending space, and it has been very gratifying to see our business model winning awards.  However, as always, our main goal is to delight customers and we are succeeding with more and more of our new customers being referred by our existing ones.  We have even more fintech developments in the pipeline that will be deployed throughout the year."

Oakam is backed by Cabot Square Capital LLP, a leading financial services private equity firm. James Clark, partner at Cabot Square Capital commented: "We are proud of what the business has achieved to date and look forward to supporting their growth plans."

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.

About Oakam

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.'

SOURCE Oakam ltd