Digital bank Oaknorth hires ex-Bank of England director

Challenger bank Oaknorth has hired former Bank of England director Martin Stewart to join its advisory board.

Working with the fintech as an independent adviser, Stewart was previously the director of banks, building societies and credit unions at the Bank of England. Oaknorth said it hopes that by bringing Stewart on board, it can better serve the UK's small and medium-sized businesses as it grows.

"Our loans have already had a very significant impact on the UK economy, but Martin’s experience will help ensure we can continue building on this positive impact and supporting the SME community, despite potentially challenging economic conditions in the future," said Oaknorth co-founder and chief executive Rishi Khosla. 

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"He has an extensive track record in both business and regulation, and over the last decade, has played a central role in not only opening up competition in the UK banking sector which has ultimately benefited consumers and SMEs across the country, but also dramatically improving corporate governance and regulatory best practice."

Oaknorth recently moved into new offices in London's Soho with capacity for up to 300 employees, in addition to closing its largest loan to date of £42m earlier this month.

The size of the company has grown by 30 per cent since the end of last year, with plans to take on even more staff in 2018.