Jared Kushner’s firm acquires stake in British fintech OakNorth
- Sophie Brown
- Aug 16
- 2 min read
Affinity Partners, the private equity firm founded by US President Donald Trump’s son-in-law Jared Kushner, has signed a deal to acquire an 8% stake in British digital lender OakNorth, according to sources familiar with the transaction.
The investment represents a significant vote of confidence in the UK fintech sector and highlights growing international interest in Britain’s financial technology companies.
The transaction, first reported by Sky News, saw Affinity acquire its shareholding from an existing undisclosed investor rather than through a new funding round. While the financial terms remain confidential, OakNorth was last valued at approximately $2.8 billion during its most recent funding round in 2019, suggesting the stake could be worth more than $200 million at that valuation.
OakNorth, co-founded by Rishi Khosla and Joel Perlman in 2015, has emerged as one of Britain’s most successful fintech companies, specialising in lending to medium-sized businesses and property developers. The SoftBank-backed lender reported a pre-tax profit of approximately £215 million last year and extended over £2.1 billion in loans to clients in 2024, including high-profile customers such as F1 Arcade and fitness company Ultimate Performance.
The bank has been expanding its international footprint, commencing US operations by mid-2023 and securing licenses for a representative office in New York. OakNorth operates with over £7.5 billion in assets and provides its proprietary credit technology platform to other lenders internationally, creating additional revenue streams beyond traditional lending activities.
Affinity Partners, which Kushner launched in 2021, has attracted investments from sovereign wealth funds based in Saudi Arabia, Qatar, and the United Arab Emirates, giving it substantial capital to deploy in growth opportunities. The firm’s investment in OakNorth comes at a time of heightened scrutiny surrounding Trump administration connections to foreign investment vehicles and potential conflicts of interest.
The deal occurs during a challenging period for the broader fintech sector, which has faced headwinds from rising interest rates and tighter regulatory oversight. However, OakNorth’s focus on profitable lending to established businesses rather than consumer lending has helped insulate it from some of the sector’s difficulties.
CEO Rishi Khosla expressed optimism about the company’s prospects in March, stating: “Despite persistent macroeconomic challenges, we remain optimistic for 2025” following the release of strong 2024 financial results. The company has previously considered a US public listing as a potential avenue for further growth and international expansion.
