Softbank invests Rs 2,800 cr in Indiabulls Housing Finance's associate OakNorth

Japan's Softbank invests Rs 2,800 crore in Indiabulls Housing arm Oak North bank

Japan's Softbank invests Rs 2,800 crore in Indiabulls Housing arm Oak North bank

The $440-million funding will be used to expand OakNorth's SME loan origination and credit capabilities to North American banks and lending institutions, helping them build the scale and quality of their SME loan books.

The funding will be used to expand Oaknorth's SME loan origination and credit capabilities to banks and lending institutions across the United States and Canada, marking the bank's first exploration across the pond.

Oaknorth, which employs only 300 people, increased its loan book by nearly 160 per cent a year ago to £2.2 billion, while loans from licensing technology to other financial institutions jumped from $100 million to $4 billion. Once closed, the fintech unicorn will have raised over $1bn to date, making it one of the most heavily-funded in its sector and the most-backed fintech firm in Europe.

Tottenham vs Leicester City, Premier League
We only held a 1-0 lead when Maddison went down under Vertonghen's challenge and referee Michael Oliver pointed to the spot. He was key, but when you need this type of performance from your top player, they were there.

OakNorth was seeded by Indiabulls Housing in October 2015 with Rs 650 crores to own a 40 per cent controlling stake in the bank. Indiabulls Housing Finance seeded Oaknorth Bank with an investment of Rs 650 crore for a 40% stake in November 2015 at a valuation of Dollars 250 Million. Last year, Indiabulls sold a part of its holding to Government of Singapore for Rs 900 crores.

"Softbank is investing Rs 2,800 crores of equity capital in its associate OakNorth bank, a commercial bank in UK", Indiabulls Housing Finance said in a filing to the Bombay Stock Exchange. "Our investment is now valued at ₹3,000 crore".

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