Europe’s most highly-valued FinTech has announced a strategic partnership with new ‘challenger’ clearing bank ClearBank.
OakNorth, which has lent over £2.7bn to businesses across the UK, will leverage ClearBank’s platform to provide highly scalable real-time payments and agency banking services.
OakNorth will use ClearBank’s real-time ‘Faster Payments infrastructure’, allowing for instant payments.
“We were looking for a partner to provide us with real-time payment capabilities, and after speaking to a number of providers, we felt ClearBank was the best fit for our needs,” said Amir Nooriala, COO of OakNorth.
“Their API and virtual account support capabilities are best-in-class and in them, we’ve found a long-term, strategic partner who will enable us to provide an even faster and more seamless experience for our clients.”
Nooriala recently told BusinessCloud that a combination of out-of-date systems and large customer bases will make the future difficult for traditional banks.
ClearBank, which was set up by FinTech entrepreneur Nick Ogden, recently received £60m from RBS, made available as part of conditions dating back to its £45 billion 2008 UK government bailout.
“Since its launch just a few years ago, it has established itself as one of the fastest-growing and most successful fintechs in Europe and as a key enabler and supporter of businesses,” added Charles McManus, CEO of ClearBank.
“We look forward to working with OakNorth as it continues to build its offering and customer base across the UK.”