Fast-growing fintech firm OakNorth has moved into a new office in Manchester city centre.
The challenger bank, which provides small and medium-sized growth companies with the debt finance they need to compete against large corporates, has occupied a 3,238 sq ft space in Ship Canal House, King Street, which has capacity for 60 people.
In addition to new office space, the bank has hired a dedicated lending team based in Manchester, focused on SME lending deals in the north.
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Christopher Swarbrick has joined as senior director, property finance alongside director, property finance David Rowlinson and associate, property finance Dave Taberner.
They join Stewart Haworth and Daniel Martin as directors, debt finance.
Ben Barbanel, head of debt finance at OakNorth Bank, said: “One of the features about our process that our borrowers greatly appreciate is the ability to discuss their finance needs directly with the credit committee.”
Mr Barbanel said the hires were made to “ensure we can continue offering this experience” and continue “building strong relationships with businesses and property developers in the North”.
He said the bank is thriving “despite ongoing economic uncertainty”.
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OakNorth has lent almost £4bn to date, with a further £2bn of qualified deals across property and trading businesses in the pipeline, the bank said.
Mr Barbanel continued: “We continue to see incredible demand from British businesses keen to pursue their growth ambitions, and because most high-street banks have been retrenching from SME lending, this has only been compounded.
“Our co-founder, Rishi Khosla, has always said that the best businesses thrive in times of economic turmoil.”
The bank said it has increased total loan facilities by 160 per cent in 2018, lending over £1.2bn last year.
It also increased profits by 220 per cent last year to £33.9m.