Kushner, Trump's son-in-law, acquires a share in UK banking institution OakNorth.
In a significant move, the private equity firm Affinity Partners, founded by Jared Kushner, is set to acquire an 8% stake in OakNorth, a British-based digital lender with ambitious plans for US expansion. The deal, signed in mid-August 2025, is expected to be concluded in the coming weeks [1][3].
OakNorth, founded by Rishi Khosla in 2015, has been making waves in the financial sector. The digital lender, chaired by the former City watchdog chair Lord Turner, made more than £2.1bn of new loans last year [2]. The company's growth and strategic moves, such as the acquisition of Community Unity Bank in Michigan earlier this year, have likely increased its valuation beyond the $2.8bn it was valued at in its last funding round in 2019 [1][2].
The investment by Affinity Partners marks a strategic cross-border fintech play. It leverages Middle Eastern sovereign wealth capital to back high-growth Western fintech, while navigating geopolitical complexities and regulatory scrutiny related to Kushner’s political connections [2].
OakNorth has already begun lending in the US, and its ambition to grow its US presence suggests it may be advised to list in New York [1]. The company boasts an industry-leading loan default ratio, having lent around £12.5bn since its launch [1].
Existing backers of OakNorth include SoftBank, GIC, the Singaporean state fund, and Toscafund [2]. Affinity Partners, which manages money for a range of investors including the sovereign wealth funds of Qatar and Saudi Arabia, is now joining this esteemed group.
The transaction involving OakNorth and Community Unity Bank is awaiting regulatory approval. With the acquisition of the 8% stake by Affinity Partners, OakNorth is set to accelerate its US expansion, further cementing its position as a leading player in the digital banking sector.
[1] Financial Times, "Affinity Partners to Buy Stake in OakNorth", August 15, 2025. [2] Bloomberg, "Affinity Partners to Invest in OakNorth, Amid Growing US Ambitions", August 15, 2025. [3] Reuters, "Affinity Partners Agrees to Buy Stake in OakNorth", August 15, 2025.
War and finance intertwine as Affinity Partners, an investing firm with political connections, strategically invests 8% in OakNorth, a digital lender eyeing US expansion. This business move, amid geopolitical complexities, could potentially lead to increased regulatory scrutiny and potentially, a New York listing for OakNorth, if its US expansion ambitions prove successful.
