- Founded by Chris Wardle, Matthew Evans-Young and Matt Pomroy, Hypha is a UK private equity firm, investing in growth-oriented businesses in the technology, healthcare and advanced manufacturing sectors;
- Launched in 2016, Pass offers an AI-powered learning and teaching platform for educators looking to improve maths and English outcomes;
- Headquartered in Harrogate, North Yorkshire, Pass’ clients include Siemens, Accenture, Queen Mary University of London, NHS, and Manchester City Football club;
- The UK online education market is set to grow at a compound annual growth rate (CAGR) of 7.3% from 2025-33, driven by increasing tech advancement in internet infrastructure, and a growing demand for flexibility, lifelong learning and upskilling[1].
Manchester, 16th February, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £5m loan to UK private equity fund, Hypha, to support its acquisition of Pass, the leading EdTech company trusted by learners, teachers, training providers, and education managers, headquartered in Harrogate, North Yorkshire.
Founded in 2016 by Oliver Naylor and Lewis Wilding, Pass delivers personalised online learning, assessment, and exam preparation for Maths and English Level 2 and Level 3 qualifications, including GCSE resits, functional skills, and equivalency tests. The business serves an increasing number of direct-to-learner users, as well as over 250 institutional clients.
Hypha, founded by Chris Wardle, Matthew Evans-Young, and Matt Pomroy, supports founder-led businesses across technology, healthcare, and advanced manufacturing. Partnering with teams that can benefit from experienced and supportive investors, the firm invests in buyout or growth capital transactions into scaling companies, with the ability to take minority and majority shareholdings.
The £5m loan from OakNorth will support Hypha’s acquisition of Pass, enabling a growth plan focused on technology enhancement, expanded go-to-market capabilities, and platform automation.
Matthew Evans-Young, Partner and Co-founder at Hypha, commented on the transaction: “Pass Tech represents exactly the type of innovative, high-growth business we seek to back. Throughout the process we were impressed by Oliver and Lewis’s ambition and entrepreneurial mindset, and we’re excited to support them to accelerate growth. This investment reflects Hypha’s strategy of partnering with ambitious management teams to unlock transformative potential. Thank you to Stewart and the OakNorth team, who demonstrated a deep understanding of the sector from day one and have been a highly engaged debt partner throughout the process.”
Oliver Naylor, Co-Founder of Pass, said: “We are thrilled to partner with Hypha. Their investment and expertise will help us scale our technology and reach new markets. With Hypha’s investment and OakNorth’s backing, we’re entering the next phase of our growth, which will see us enhance our AI platform, expanding our content, and reaching more learners and institutions across the UK.”
Stewart Haworth, Senior Director of Debt Finance at OakNorth, added: “The UK online education and training market is set to grow significantly by 2033, driven by better tech and a growing demand for flexibility, lifelong learning and upskilling. Pass sits right at the heart of this shift, with a platform that is delivering exceptional learner outcomes and a commercial model that scales efficiently. The business has strong momentum across both its direct-to-learner and institutional channels, and with Hypha’s backing it is well positioned for its next phase of growth.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering breakthrough businesses – profitable and scaling lower-mid-market companies – who are too often overlooked by traditional banks.
To date, it has provided $21bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 61,000 jobs, and over 38,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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[1] IMARC Group – UK Online Education Market Report by Type (Academic, Corporate, Government), Provider (Content, Services), Technology (Mobile E-Learning, Rapid E-Learning, Virtual Classroom, and Others), End-User (Education Institutions, K-12 Schools), and Region 2025-2033