Digital micro-lender Oakam announced it has secured a £35 million debt investment from Victory Park Capital Advisors, LLC (VPC), an investment firm focused on private middle market debt and equity investments.
The funds raised will enable Oakam to accelerate its lending activity in the UK by more than 180 percent year on year and continue to disrupt the global micro-lending industry.
To date, Oakam has disbursed £320 million to help financially excluded consumers gain access to credit.
“Consumer credit has long been broken for those at the bottom,” Oakam founder and CEO Frederic Nze said.
“With 12 million financially excluded consumers in the UK alone, there is a significant opportunity for Oakam to fill the large unmet need for better, more accessible and affordable credit. Our new partnership with VPC will enable us to further fulfil our mission of transforming and empowering lives through a fair and inclusive service.”
“Oakam’s model in micro-finance that captures the value of a digital approach without overlooking the role of human interaction has enabled the team to break into a highly competitive market,” said Gordon Watson, partner, Victory Park Capital. “Our investment follows a long-standing track record at VPC of supporting fintech companies scale and provide financing where traditional means fall short.”
Financial Technology Partners served as exclusive strategic and financial advisor to Oakam on this transaction.
Learn more about Oakam in this Bankless Times profile.