OakNorth and Fintex Capital launch UK specialty finance alliance with £20m already deployed in co-originated private credit transactions

London-based digital business bank OakNorth has formed a specialty finance alliance with Fintex Capital to co-originate and execute specialty finance and private credit transactions across the UK. The partnership has already deployed £20 million in its initial phase, according to the announcement. The alliance combines OakNorth's UK lending infrastructure and credit underwriting capability with Fintex Capital's investment management and capital deployment platform. Co-origination structures — where two or more institutions jointly source and underwrite loans, then hold portions of the book — have grown significantly in UK private credit markets as banks seek to deploy capital alongside specialist non-bank lenders without concentrating exposure, and as alternative lenders seek access to bank origination networks. Specialty finance, as a sub-sector of private credit, encompasses asset-backed lending and niche structured products that fall outside mainstream corporate lending — including receivables finance, equipment finance, and consumer credit book acquisitions. The partnership's focus on this segment reflects the continued growth of non-bank lending in the UK market, driven partly by regulatory capital constraints on traditional bank balance sheets and partly by investor appetite for yield in an environment where direct lending spreads have compressed in the large-cap segment. No advisers to the alliance were named in the available sources.