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Most founders have a gut feeling about funding. Equity feels ambitious. Debt feels conservative. Neither instinct is always right – and the cost of getting it wrong compounds. On 23 April, we're hosting a breakfast at our London office with Farringford Legal to work through the questions that actually matter when a business is deciding how to fund its next stage of growth. On the panel: • Fred Ursell, Head of Investment at Pembroke VCT – the equity and investor perspective • Peter King, Director of Business Banking at OakNorth – the debt and lending perspective • Sarah-Jane Butler, Founder of Farringford Legal – the legal perspective on both We'll cover when debt makes more sense than equity (and when it doesn't), what banks and investors are actually looking for, and how to use both instruments together without creating structural problems. For founders and CFOs of UK businesses with turnover above £2 million who are actively thinking about their next funding decision. https://oaknorth.co.uk/events/debt-vs-equity/?utm_source=linkedin&utm_medium=organic_social&utm_campaign=debt_v_equity_breakfast
Last week we had the pleasure of welcoming 20 students from the University of Chicago to our London office as part of their spring Business Trek. A really sharp group – spanning Computer Science, Economics and Data Science, with hands-on startup and fintech experience already under their belts. We had great conversations about backing ambitious businesses, and what a career at the intersection of technology and finance really looks like. The next generation of talent is impressive – we’re glad we could be part of their London week. Thank you to Jackson Lehmar for organising the visit, and to Natalie Lomas, Deepesh Thakrar, Ioana Manuela Navarra CIPD, and Shreyas Khan for hosting and sharing their experiences.
Yesterday, we unveiled our 2025 Annual Report, including £223m ($289m) in pre-tax profit and a 33% increase in gross originations, driven by our continued growth in the US. Since launching in 2015, we've become a leading disruptor serving lower mid-market businesses, backing our customers while maintaining rigorous credit discipline across a decade marked by disruption. To date, we've provided over £15.1bn (c.$20bn) of lending, empowering thousands of entrepreneurs to grow their businesses, supporting over 70,000 jobs, and generating more than £40bn (c.$52bn) in economic value. Today, we're stronger, more ambitious, and more global than ever. With 40% of our originations now coming from the US just two years after entering the market, this is not only testament to the strength of our model, but also to the scale of the opportunity ahead to support even more entrepreneurs. With significant runway for growth across both the UK and US, we are well positioned to make the next decade even more impactful than the first. Thank you to our customers, brokers, and partners for your continued trust, and to our team for their dedication to our mission.
Healthy competition – in and out of the boardroom Last week, Stewart Haworth and Daniel Taylor from our Manchester Debt Finance team hosted clients, financial sponsors, debt advisers and other finance professionals at a padel tournament. It was a great opportunity to swap desks for courts, strengthen relationships, and put our serves to the test. Thank you to everyone who joined us.
This morning, we had the pleasure of co-hosting a roundtable with Innovate Finance at our London office on 'Navigating Growth: Funding choices that shape the journey'. CEOs, CFOs and founders came together to discuss one of the biggest growth questions: equity, debt, or the right balance of both? Moderated by Peter King and Navin Dabasia from our Business Banking and Lending teams, the discussion focused on funding decisions and the role banks play in supporting founder-led growth. Thank you to everyone who joined us, and to Innovate Finance for co-hosting.
High-performing teams don’t just collaborate at their desks. Our Manchester-based Operations team recently stepped onto the pitch for a 5-a-side match, bringing the same shared focus and collective ambition we see every day across our offices. Strong teams deliver strong outcomes. A great example of one team in action.
This morning, we had the pleasure of hosting a Women in Dealmaking breakfast panel at our London office. The discussion brought together perspectives from across debt advisory, private equity, law and leadership to explore what drives successful deals - and where they most often become challenging. A few themes stood out: • The strongest deals are built on trust and long-term relationships, not just terms. • Unrealistic timetables create unnecessary friction. • The best collaboration often happens in smaller, direct conversations. Guests also heard from Victoria Stewart, CFO at The Alchemist, an OakNorth Lending customer. Vic emphasised that stability, speed and plain English matter just as much as structure in delivering a successful outcome. She also spoke about co-founding The 6% Club, which is helping to increase female representation across the dealmaking community. Thank you to Vic and our panellists, Julie Lada (Marlborough Partners), Alison Price (Queen's Park Equity) and Julie Romer (Stephenson Harwood LLP) - and to Georgia Hutley for moderating. And thank you to everyone who joined us and contributed to such an engaging discussion.
We’re proud to be part of the first cohort of the Financial Conduct Authority and PRA's (Bank of England) new Scale-up Unit. The Scale-up Unit gives fast-growing banks like OakNorth direct, tailored regulatory support, helping us scale with confidence as we launch new products, reach more customers and enter new markets, while maintaining strong standards. As our Co-founder and CEO, Rishi Khosla, says, our mission has always been to empower high-growth businesses by being a banking partner built around their needs. Having already lent over $21bn to these businesses, supporting the creation of tens of thousands of jobs and homes, we’re excited to work closely with the PRA and FCA to continue driving more sustainable growth.
Great to see our Co-founder and CEO, Rishi Khosla, take stage at the World Economic Forum 2026 this week.
As part of our 1+1% commitment, members of our Credit team spent time volunteering with the fantastic charity, Food For All, last week. Through 1+1%, we encourage colleagues to step away from their day-to-day roles and support causes they care about - whether that’s volunteering, fundraising, mentoring, or pro bono work. It’s a small commitment of time that can make a meaningful difference. Thank you to the team at Food For All for the vital work they do and for so warmly welcoming our colleagues. And thank you to our team members, Grant Denny, Farzana Choudhary, Ciara Corbin-Turner, Jo Power, Vineeta Saboo, Richard Lamb, Matteo Fuschillo, James Nelson, Aidan Nolan, and Thomas Mitchell, CFA, for getting involved and making a difference.
