Following this launch, the neobank’s new capabilities are set to provide insight-driven services in order to optimise the manner in which entrepreneurs run and scale their businesses at pace in a secure and efficient manner. In addition, the financial institution will focus on mid-sized businesses (with revenue between GBP 1 million – GBP 100 million), which are currently overlooked and underserved in the UK’s financial landscape.
Each business and merchant will be assigned a dedicated OakNorth Business Partner. The companies will be allowed to call or email the collaborator at the moment they meet a challenge or when they have questions. The Business Partner will understand their firm and strategy of development, as well as their strategic goals. Furthermore, they will use the data in order to provide tailored information on OakNorth’s products and services that meet their needs, preferences, and requirements the best.
OakNorth had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In October 2023, the financial institution announced the completion of the tailored loan facility to MRW Group, in order to optimise its IFA buy-and-build strategy with three initial businesses. Following this announcement, Emet Financial Services (Emet), Merlin Wealth Planning (Merlin), and Mayfayre Financial Services (Mayfayre) were set to merge under the MRW Group. The service was focused on providing independent financial advice to multiple customers, with over GBP 150 million assets under its management.
At the same time, the loan facility was aimed to be leveraged for accelerating MRW Group’s buy-and-build strategy, as well as to make further acquisitions that were expected later in 2023.
Earlier in August 2023, OakNorth announced its partnership with Westbrooke in order to provide AURELIUS with GBP 24.5 million. The capital was set to accelerate AURELIUS’ acquisition of TM Group from Dye & Durham Corporation. The pan-European alternative investment company that offers customers an operational approach, AURELIUS acquired TM Group earlier in 2023.
In addition, AURELUS aimed to provide its clients and customers with optimised services and solutions, delivering improved returns to its investors through a flexible approach, uncompromising its focus on operational efficiency and security. Furthermore, the company focused on offering them the ability to carry out multi-dimensional transactions, risk management products, as well as long-term investment capabilities.
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