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December 1, 2021
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British digital bank OakNorth is set to announce a major US expansion with the acquisition of Community Unity Bank (CUB), based in Birmingham, Michigan.
The all-share deal, expected to be valued in the tens of millions of dollars, will mark OakNorth’s entry into the US banking market.
Founded in 2015 by Rishi Khosla, OakNorth is among the new wave of post-2008 challenger banks, alongside Monzo and Starling Bank.
It has lent nearly £12.5 billion while maintaining an industry-leading low default ratio. The bank’s key investors include SoftBank and Singapore’s GIC.
The acquisition positions OakNorth as the parent of CUB, paving the way for further growth in the US financial sector. While the bank has yet to comment, the deal is expected to be formally announced on Monday.
This milestone comes after OakNorth’s £30 million dividend payout last year, highlighting its financial strength as it moves into international markets.
Source: Sky news
