Singaporean sovereign investor GIC has acquired a 10% stake in British specialist bank OakNorth from Indiabulls Housing Finance in a deal valued at approximately $120m.

OakNorth provides loans to businesses and property developers. The deal follows a £154m investment in OakNorth in October this year from investors including Coltrane, Toscafund and The Clermont Group.

OakNorth intends to use GIC’s investment to expand its global business by launching its ‘fintech’ platform ACORN machine, which uses data collection and processing to assist lending decisions.

Indiabulls acquired a 40 % stake in OakNorth Bank for $100m in Novembers 2015.

OakNorth was launched in 2015 after the financial crisis in 2008 when the Bank of England lowered the capital requirements to set up new banks.