OakNorth is launching a set of new services aimed at “overlooked and underserved” mid-sized UK businesses.
The bank said that its services will help entrepreneurs who own companies with revenues of between £1 million and £100 million to efficiently run and scale their businesses at pace.
OakNorth said it will assign each business a dedicated partner who they can contact whenever they have a question. The business partner will understand their business, strategic goals and provide specialised information on OakNorth’s products and services when needed, it added.
The bank claims this approach will allow founders to build “from the ground up” and prioritise the data and insight needed to create lasting value rather than become overwhelmed businesses with products which may not suit their needs.
Rishi Khosla, co-founder and chief executive of OakNorth, commented: “OakNorth’s mission is to serve and empower businesses in the Missing Middle, ensuring each and every one of them has the right tools, insights, and support at every stage of their growth journey with us. We know from the last eight years of serving our customers that they don’t feel their banking needs are being met by incumbents or other neobanks.”
The chief executive said that these companies continue to be overlooked despite the significant contribution they make to the economy and local communities.
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