Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread 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)