The Federal Reserve and the New York State Department of Financial Services (NYDFS) have approved digital bank OakNorth to set up a representative office in New York, Foresight News reported.
The authorization will enable OakNorth to proactively market its products and services from its U.S. offices while it continues to explore the possibility of obtaining a banking charter.
OakNorth was launched in September 2015 and focuses on servicing and enabling businesses with a turnover of £1m to £100m.
