BREAKING NEWS

BREAKING NEWS

SoftBank's Vision Fund to invest $440 million in UK start-up OakNorth - source

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By Kanishka Singh and Philip George

(Reuters) - Japan's SoftBank Group Corp's Vision Fund will invest $440 million (£339 million) in British banking start-up OakNorth, a source told Reuters on Thursday, confirming an earlier Financial Times report.

Britain's OakNorth is a start-up specialist bank that provides business and property loans, as well as personal and business savings.

SoftBank's technology-focused Vision Fund has multi-billion-dollar investments in U.S. companies, including WeWork and Uber.

The investment will value the start-up at around $2.8 billion, the Financial Times said.

British media had reported late last year that OakNorth had held talks with SoftBank about a potential investment.

In September, OakNorth had closed a $100 million funding round, which valued it at $2.3 billion at the time.

OakNorth declined to comment while SoftBank did not respond to a request for comment outside regular working hours.

(Reporting by Kanishka Singh and Philip George in Bengaluru; Editing by Alexandra Hudson)

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