OakNorth Bank co-founder and CEO Rishi Khosla said Tuesday at Semafor World Economy that the company’s US business lending operations are on track to surpass its UK lending portfolio within the next year.
OakNorth, established in London in 2015, has carved out a niche by targeting businesses with annual revenues between $1 million and $100 million, a group that Khosla described as “still fundamentally and structurally underserved.”
After building up in the UK, OakNorth expanded into the United States in 2023 and crossed the $1 billion lending threshold for American businesses last year. Khosla noted that the US banking crisis of that year was the “trigger” for OakNorth’s expansion and that they aimed to target the vacuum left by other banks focusing on “larger and larger clients.”