UK-based OakNorth, a digital bank for small and medium-sized companies (SMEs) that offers business and property loans, has confirmed that OIMIO, a commercial real estate SME-focused lender, has established operations in the Netherlands. The lending firm will be launching a supplier’s credit analysis and monitoring system.
Rishi Khosla, co-founder at OakNorth, said that by leveraging the platform through OakNorth Bank, the positive multiplier effect of supporting SMEs will be substantial.
Khosla explained:
“Through licensing our platform to other banks and lenders around the world, we’re enabling them to replicate what OakNorth Bank has achieved in the UK, and in turn, multiply this multiplier effect. In OIMIO, we’ve found a committed partner who shares our vision to fix small and medium-sized business (SMBs) lending, so we [look forward] to working with them to achieve this.”
The platform will assist OIMIO in bringing a unique approach to loan structuring usually reserved for large firms, to the small and medium-sized business (SMB) sector. The platform uses machine learning (ML), credit science and advanced data analytics tools.
Jeroen Belt, founder at OIMIO, noted that small and medium-sized commercial real estate investors are looking for business partners they are able to trust, and those who can offer them financing from €1 million to €10 million that is customized to their individual requirements.
Belt added:
“We [look forward] to working with OakNorth, our trusted partner in setting up this new platform. Through deploying OakNorth’s Platform we hope to achieve a similar positive impact OakNorth Bank has had in the UK.”
