Clermont Group and EDBI Invest in OakNorth Bank’s $100 Million Fundraising Round

Cleary Gottlieb represented the Clermont Group and EDB Investments Pte Ltd. in connection with OakNorth Bank’s recent fundraising round, which raised $100 million from a number of investors.

The investors subscribed for shares in ACORN OakNorth Holdings Ltd., the parent of OakNorth Bank, and the round closed in August 2018.

OakNorth Bank is a UK challenger bank founded in 2015, which achieved “unicorn” status in October 2017, reaching a valuation of at least $1 billion. Following the latest round of investment, the bank now has an equity valuation of $2.3 billion.