ACORN Co-founder and Chief Strategy Officer Joel Perlman  image source : Acorn OakNorth

U.K based fintech firm ACORN OakNorth has now closed on a $100 million funding round co-led by Singapore based investment fund EDBI and NIBC bank with other firms including GIC, Clermont Group and Coltrane Asset Management participating in this round.

This investment in the company which specializes in business lending through its platform represents a 4.3% stake purchase implying its value at around $2.3 billion.

Founded by entrepreneurs Rishi Khosla and Joel Perlman 3 years ago, ACORN has now raised over $600 million across several rounds having made loans totaling over $2 billion as of current. The company expects to hit a loan book of $2.8 billion and has lent over $1 billion to businesses in the past 12 months alone.

Rishi Khosla, OakNorth CEO stated: “Given the success of OakNorth in the UK in a relatively short period of time, we have been overwhelmed by the interest and demand for ACORN machine from lenders across the globe who are looking to address the same opportunity in their own markets.”

ACORN machine has set up offices in New York and Singapore to provide services to clients across the globe with a forecast to have over $5 billion of assets under management on its platform by this year end.

Chu Swee Yeok, CEO and President of the EDBI also stated: “We are excited to partner and help grow ACORN machine in Asia through its regional base in Singapore. By leveraging machine learning, proprietary and third-party data sources, as well as credit analysis competencies, we believe the platform can help address the underserved SME loans segment in the region, improving financial institutions’ cost efficiency and underwriting processes.”

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