SoftBank’s OakNorth sees major investor sell shares at 25% discount
Sifted reports that one of OakNorth’s largest investors has sold shares in the London fintech at a 25% discount to the last valuation.
OakNorth, which, according to Bittrader research, processes loans of up to £25m to businesses and sells credit-eligibility software, became one of Europe’s most valuable fintechs in 2019 when it raised $440m at a $2.8bn valuation in a deal led by Japanese investor SoftBank.
But last month, Indian finance media, VC Circle, reported that one of OakNorth’s largest shareholders — Indiabulls Housing — sold around 3% of its OakNorth holding for ~$60m (Rs 440 crore). A few weeks later, VC Circle reported that Indiabulls had sold a further 4.7% of its OakNorth holding in exchange for ~$85m.
This would give OakNorth a reduced valuation of around $2bn.