Windsor Drake
Transaction · Lending Tech (SMB) · 2020

SMBC / OakNorth 2020

Sumitomo Mitsui Bank acquired OakNorth for $30M on November 24, 2020.

Target
OakNorth
Acquirer
Sumitomo Mitsui Bank
Deal value
$30M
Announced
November 24, 2020
Sub-sector
Lending Tech (SMB)

Transaction overview

  • Sumitomo Mitsui Bank announced the acquisition of OakNorth on November 24, 2020 for $30M.
  • The deal is expected to close pending customary conditions.

Strategic rationale

Japanese bank acquires stake in UK fintech to boost commercial lending via credit intelligence software platform and strengthen alignment with innovative SME lender.

Deal terms & multiples

Deal value
$30M
Target revenue
—
Target EBITDA
—
EV / Revenue
—
EV / EBITDA
—
Announcement
November 24, 2020
Acquirer
Sumitomo Mitsui Bank (Strategic)
Sub-sector
Lending Tech (SMB)

Frequently asked questions

How much did Sumitomo Mitsui Bank pay for OakNorth?

Sumitomo Mitsui Bank acquired OakNorth for $30M, announced on November 24, 2020.

When did Sumitomo Mitsui Bank announce the acquisition of OakNorth?

Sumitomo Mitsui Bank announced the acquisition of OakNorth on November 24, 2020.

What sub-sector is OakNorth in?

OakNorth is tracked in the Lending Tech (SMB) sub-sector.

Sources