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Business deals

SoftBank's Vision Fund makes first bet on Europe's fintech sector

Joint $440m investment in UK digital bank marks regional record

OakNorth Bank co-founder and CEO Rishi Khosla leads Europe's most valuable fintech venture.   © Reuters

TOKYO -- SoftBank's Vision Fund is moving into Europe's financial technology sector, leading a $440 million funding round for U.K. digital banking startup OakNorth Holdings.

The Vision Fund will invest $390 million while Singapore-based conglomerate Clermont Group will cover the remaining $50 million, in what is believed to be one of the largest European fintech fundraisers so far. The deal gives the startup a valuation of $2.8 billion, making it the most valuable fintech venture in the region, the company told the Nikkei Asian Review on Friday.

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