OakNorth Closes Acquisition Deal for Intelligent Cashflow Startup Fluidly

Lender OakNorth is acquiring intelligent cashflow startup Fluidly for undisclosed terms, according to a press release emailed to PYMNTS on Monday (Dec. 13). The acquisition is subject to regulatory approval.

Founded in 2018 in London by Rishi Khosla and Joel Perlman, OakNorth was awarded a full banking license from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in March 2015. The company’s mission is to aid businesses that are major contributors to economic growth but are held back by the lack of access to debt finance necessary to scale.

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Oaknorth is using its software, ON Credit Intelligence Suite, to tackle the funding gap, according to the release. ON Credit Intelligence Suite uses real-time insights supported by data as well as peer comparisons, sector insights and events-based scenarios to empower banks to extend loans faster and to a wider range of businesses.

The software is already being used by SMBC, ABN Amro, Capital One, PNC, Fifth Third and OakNorth’s own bank in the U.K., OakNorth Bank.

Headquartered in London and founded in 2016 by Caroline Plumb, Fluidly aims to help small businesses with its cash flow forecasting tool, which complements OakNorth’s goal of empowering businesses with data and forward-looking analytics.

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OakNorth Bank has back some of the most successful companies in the U.K. with 6.5 billion pounds ($8.6 billion) in loans, which led to the creation of 23,700 new jobs and 20,300 new homes.

OakNorth’s CEO Khosla said that the acquisition of Fluidly is a strong strategic fit with their mission.

“We continue to be open to evaluating acquisitions which help us further our mission to empower the Missing Middle,” Khosla added.

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“Fluidly and OakNorth are natural partners, and we’re strongly aligned in our mission to support SMEs,” said Fluidly’s Plumb.

Plumb added that as partners with OakNorth, Fluidly can move forward on the “next stage on our journey to help more businesses.”