MARKETS & INVESTING | Staff Reporter, Singapore

EDBI and GIC join US$100m funding for UK-based fintech firm

ACORN machine opened its regional office in Singapore.

EDBI and GIC took part in the $137.53m funding round for US-based fintech firm ACORN OakNorth, an announcement revealed. Said capital will be used to step up the firm’s ACORN machine and enable Oaknorth to expand its lending efforts in the UK.

ACORN machine launched offices in New York and Singapore to provide service across multiple continents. The firm said that they will have over US$4b ($5.5b) under service on its platform by the end of 2019.

“We are excited to partner and help grow ACORN machine in Asia through its regional base in Singapore,” EDBI CEO and president Chu Swee Yeok commented.

With 100 people onboard its team, ACORN eyes to hire 50 people in the short term across growth and operations, engineering, machine learning, and data science amidst its expansion plans.

“As both businesses [ACORN and OakNorth] continue to grow ahead of plan, there is a need for more growth capital, having the support of such a renowned group of international investors is a testament to the strength of the platform’s proposition and their belief in its value to lenders globally,” ACORN OakNorth co-founder Rishi Khosla said.

Since its inception, ACORN OakNorth has raised US$572m ($786.67) from several investors.

“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,” Chu noted.

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