Former Chancellor Philip Hammond joins fintech startup Oaknorth

David Prior's picture

Philip Hammond, former Chancellor of the Exchequer, has joined fintech startup Oaknorth as an adviser.

OakNorth, which was valued at $2.8bn when raising $440m in a funding round led by SoftBank’s Vision Fund last year, lends to medium-sized businesses through OakNorth Bank in the UK, and also licenses its credit-decision technology to lenders in other countries.

Hammond, who quit politics ahead of December’s general election after a row with Boris Johnson over Brexit, will work with the company's clients and “senior policymakers around the world”.

He said: “Oaknorth is the flagship of the UK’s vital and fast-growing fintech sector – attracting record-levels of investment and generating sustainable profits while bringing much-needed change to an underserved area of the banking market.

“Small and medium-sized businesses are the lifeblood of the British economy and communities globally. The development by Oaknorth of a platform to deliver cost-effective lending to them is a major boost to the potential of not only the British economy, but economies worldwide. I look forward to being part of both Oaknorth’s growth story in the UK and its expansion into international markets, licensing its platform to partners across the globe.”

Oaknorth co-founder Rishi Khosla said Hammond brought an "international perspective, having worked with finance ministers across the globe, as well as a deep understanding of the British economy".