Former Chancellor Philip Hammond joins fintech startup Oaknorth
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".