United Kingdom-based digital bank OakNorth was granted regulatory approval by the Federal Reserve and the New York State Department of Financial Services on Aug. 26 to market its products and services in the United States. 

The bank’s “U.S. representative office will act as a liaison with current and prospective U.S. customers of the bank,” an OakNorth spokesperson told Bank Automation News today. “It would enable us to promote and market our products and services, perform back-office functions, conduct market research and facilitate lending to U.S. customers.” 

In the past year, OakNorth has made approximately $600 million in loans in the U.S. without any promotional efforts, the spokesperson said. 

“Securing this authorization from the U.S. regulators will enable us to significantly build,” Rishi Khosla, chief executive and co-founder of OakNorth, said in a release today.

With regulatory approval in hand, the digital bank continues to explore expansion, including the possibility of acquiring a U.S. banking charter, the spokesperson said. 

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