Member Article

Online lender Oakam passes £250m milestone

London-based lender, Oakam has increased 122% on average every year over the company’s lifetime2.

Oakam has lent £250m since launch, processing loans worth £125m over the first six years and £125m in the last two and a half years.

Founded by Frederic Nze after he recognised a need to help those without a bank account, Oakam lends an average amount of £1000 for a period between three and 36 months.

The company plans to offer larger loans, of more than £5,000, to fulfil this this demand from 2016.

Oakam founder and CEO, Frederic Nze said, “The accelerated rate at which we’ve hit the £250 million milestone is proof that the traditional banking system is not for everybody and demand for services to support these communities is increasing rapidly.

“At Oakam we want to do more. By transferring what we’ve learnt in our stores to the digital world we can offer our services at a global level and go some way to tackling the challenge of serving the estimated three billion under banked adults in the world. Just because someone doesn’t have a credit history, it doesn’t mean they don’t need credit.”

This was posted in Bdaily's Members' News section by Ellen Forster .