OakNorth’s fintech platform, ACORN machine, to join the Department of International Trade on its Mission to New York FinTech Week

  • ACORN machine will join the Department of International Trade (DIT) delegation in its second Annual Trade Mission to New York FinTech Week, taking place in April;
  • The DIT received 134 applications, with ACORN machine successfully securing one of the 15 places available.
  • The ACORN machine proposition has been proven via OakNorth – a UK challenger bank launched in 2015 that has lent c.£1bn to UK businesses to date;
  • Last year, the ACORN OakNorth group closed the largest fintech raise in the UK to date, securing £250m from several investors, including GIC;
  • ACORN machine will help promote the strength of the UK’s unique fintech ecosystem, as well as further enhancing its position in the US market.

ACORN machine – the fintech platform unlocking the potential in bespoke lending to SMEs – has secured a place on the DIT’s delegation for its second Annual Trade Mission to New York FinTech Week taking place from 16-20 April. The DIT received 134 applications, with ACORN machine successfully securing one of the 15 places available.

The 2018 Mission to NY FinTech Week will comprise of a pre-mission briefing in London next month, full access to the Empire Startups FinTech Conference in New York on 18 April, as well as regulatory discussions with experts and US regulators. The week will culminate in a delegate showcase to the wider FinTech community at Rise New York – where ACORN machine’s US office is based – on Friday, 20 April.

SMEs are the backbone of most economies around the world, yet SME lending – loans in the sub £30m category – is the most neglected segment of the credit market. ACORN machine helps automate the way banks penetrate this underserved and underestimated market. It does this by leveraging process excellence, machine learning and technology to fuel data-driven decision making across the loan lifecycle. In November last year, the ACORN OakNorth group closed the largest fintech raise in the UK to date, securing £250m from several investors – GIC (the Singaporean sovereign wealth fund), Coltrane Asset Management, The Clermont Group and Toscafund.

Joel Perlman, co-founder of ACORN machine, said: The UK’s fintech sector is made up of an exceptionally strong ecosystem of incumbent institutions and start-ups; forward-thinking policy makers; scale-up businesses such as OakNorth who are attracting large later-stage investments like the £250m one we did last year; and a skilled talent base with deep expertise in both financial services and technology. The DIT’s mission will provide us with a unique opportunity to promote this and further enhance our presence in the US market. We’re incredibly humbled and grateful to have secured one of the 15 spots available and look forward to meeting the other fintech businesses in a few weeks’ time.

Author: Yash Hirani

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