JPMorgan, one of the largest financial services providers in the world, recently invested in Oakbrook Finance, a consumer lending platform provider. The company has raised a total of £142 million in new funding from JPMorgan and Atalaya Capital Management.
Through the investment, Oakbrook Finance aims to increase its operations. In addition, the consumer lending platform provider is planning to reduce the barriers between consumers that want to borrow and investors that want to lend.
Since the start of 2022, JPMorgan has increased its investments in emerging companies working in the global financial ecosystem. The financial services giant recently announced its investment in blockchain intelligence company TRM Labs.
With the support of Oakbrook Finance, JPMorgan is planning to assist the use of innovative technology in the consumer lending space.
“We are delighted to be working with J.P. Morgan and Atalaya as we continue to invest in our advanced analytics and our technology business, O6K, to become a leading non-bank provider of consumer lending solutions. This transformational next step builds on an excellent financial and operational performance in 2021 and further strengthens Oakbrook’s reputation across the industry. It will help the Group accelerate growth and scale at pace,” Luke Enock, Oakbrook’s CEO, said.
In August last year, JPMorgan invested in investment analytics platform Aumni. The bank led the $50 million funding round of Aumni.
Rising Demand
According to Enock, Oakbrook Finance has seen rapid growth recently amid a surge in demand for its products and services.
“Oakbrook has grown substantially since it was launched through a mix of brilliant products and services which meet consumers’ and investor needs, innovative technology and a committed team which really understands its market. The Group is continuously innovating to provide tailored, affordable and simple products that people can easily manage and understand. This investment is a vote of confidence in our future as we continue to leverage our differentiated access & pricing, servicing & customer experience and differentiated products,” Enock added.
