Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
Bob Bakish, the head of a newly combined CBS and Viacom, said he was "disappointed" by both stocks' reaction to the recent deal.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
The White House directed Lewandowski not to discuss any of his post-election interactions with Trump beyond those already detailed in former special counsel Robert Mueller's...Politicsread more
Tension between the real estate start-up WeWork and SoftBank was not a central issue in the decision to delay an initial public offering, sources tell CNBC's David FaberThe Faber Reportread more
The service will debut in April with pricing to be announced closer to the launch data, NBCUniversal says.Technologyread more
"Jeopardy!" host Alex Trebek says he's had a setback in his battle with pancreatic cancer and is undergoing chemotherapy again.Entertainmentread more
* Deal first to be announced between OakNorth and major bank
OakNorth Britain's most valuable FinTech after SoftBank deal
* CEO says staff levels almost doubled in 5 months since Feb
By Lawrence White
LONDON, July 2 (Reuters) - British financial technology firm OakNorth has signed a five-year deal to provide its credit analysis and monitoring platform to Dutch lender NIBC Bank NV , OakNorth said on Tuesday in its first such agreement to be made public.
OakNorth is Britain's most valuable financial technology company, having raised $440 million from investors including Japan's SoftBank Group in a February funding round that valued the firm at $2.8 billion.
The deal with NIBC bank is the first enterprise-wide agreement to be announced between OakNorth and a bank, as the firm works to monetize its proprietary software and justify the 'unicorn' status implied by its multi-billion dollar valuation.
It will see NIBC use OakNorth's technology which it says helps banks make better decisions on small business loans.
More such deals will be announced shortly, OakNorth Chief Executive Rishi Khosla told Reuters, declining to give financial details of the NIBC deal.
"We are engaged with over 10 banks from today, and behind that there are at least another 10 which we are actively working with," he said.
Seizing on a growing trend for banks worldwide to invest heavily in technology, Artificial Intelligence (AI) and business analytics in a bid to cut costs and improve decision making, OakNorth has grown rapidly since the February funding round.
The financial technology firm's staffing levels have nearly doubled from just below 300 in February to 520 today, Khosla said, as OakNorth hires software developers, credit experts and product designers.
He said OakNorth has made a number of significant hires from major technology companies in recent weeks and is targeting expansion in the United States, continental Europe and 'two to three' Asian markets.
OakNorth operates two main businesses, a bank in Britain focused on loans to small and medium-sized businesses, and its technology platform which it says uses data analytics and AI to help lenders make decisions.
The software uses data about a prospective borrower such as the financial performance of its peers and sentiment about its brand from online reviews to help inform lending decisions.
OakNorth says such software allows a level of detailed credit analysis normally reserved for loans above 25 million pounds ($31.60 million).
NIBC listed in Amsterdam in March last year and is known as a mortgage broker and lender to small and medium-sized corporate borrowers in the Netherlands, Germany, Britain and Belgium.
($1 = 0.7899 pounds) (Reporting By Lawrence White; editing by Emelia Sithole-Matarise)