SMB

After the financial crisis, banks stopped lending to mid-sized businesses. Just stopped. Companies with $5 million to $50 million in revenue couldn't get a loan. We built OakNorth for them.

Europe has 25 million SMBs. Most of them bank with institutions that haven't updated their software since 2005. That's not a market gap — that's a canyon.

We're not trying to be a consumer neobank. N26 and Revolut fight over individuals. We want every freelancer, every startup, every SMB in Europe. Different customer. Different product. Different business.

My dad thinks about the Singularity. I think about restaurant point-of-sale systems. Both are trying to improve the human condition.

The best opportunities in venture capital are in industries that VCs consider boring. Boring is where the money is.

Small businesses are 99% of American companies. Serving them at scale is one of the biggest opportunities in tech.