SoftBank leads $440 million investment in UK fintech OakNorth, valuing it at .8 billion
The deal gives OakNorth an eye-watering .8 billion post-money valuation.
OakNorth says the fresh capital will be used to drive an expansion into the U.S.
CEO Rishi Khosla says an IPO doesn't make sense for the firm yet.
British digital bank OakNorth said Friday it secured $440 million in an investment round led by Japan's SoftBank.
The firm, which lends to small-to-medium enterprises through its digital platform, said it had raised $390 million from SoftBank's $100 billion Vision Fund, with the remaining capital coming from Clermont.
The deal gives the three-year-old firm an eye-watering .8 billion post-money valuation, making it Europe's most valuable private fintech group.
OakNorth's announcement confirmed reports overnight that said the company had received a new cash injection from the Japanese tech giant.