Marqeta and OakNorth Bank launch new partnership to enhance UK SME banking


Marqeta, a modern card issuing platform, provides embedded finance solutions globally, supporting the innovation needs of diverse businesses.

On the other side, OakNorth Bank, a digital bank tailored for entrepreneurs, focuses on empowering UK businesses to scale and prosper, specializing in commercial banking services for SMEs with turnovers between £1m and £100m.

This collaboration aims to address the significant funding and banking service gap faced by UK small and medium-sized enterprises (SMEs). By introducing a bespoke commercial card, the partnership between Marqeta and OakNorth Bank seeks to provide SMEs with enhanced financial management tools that promote growth and stability amid economic uncertainties.

Marqeta brings to the partnership its robust technology platform known for its speed, flexibility, and reliability, which allows for the rapid deployment of tailored financial solutions. This technology enables OakNorth’s SME customers to manage their finances more holistically, efficiently tracking and managing cash flow.

Meanwhile, OakNorth Bank contributes its expertise in meeting the unique needs of scaling UK businesses, offering products such as deposit accounts and automated payment tools that are not typically available to smaller businesses.

Under this partnership, OakNorth’s business banking customers will gain access to a new commercial card that offers customisable controls and a comprehensive view of their financial activities. This initiative is part of a broader effort by both companies to fill the existing SME funding gap in the UK, which is estimated by the Bank of England to be around £22bn.

Since its inception in September 2015, OakNorth Bank has been instrumental in the creation of over 40,000 new jobs by supporting a wide range of businesses across different sectors in the UK. The bank is committed to fostering growth and innovation among entrepreneurs and small to medium-sized enterprises.

“Marqeta chief revenue officer Todd Pollak said, “Traditional banking products aren’t always a fit for the specific needs of small and medium-sized businesses, lacking the flexibility that they need in pivotal periods of growth and expecting them to fit into a one-size-fits-all solution. OakNorth Bank knows the complexities facing SMEs today, and by partnering with Marqeta, will be able to provide their customers with commercial cards with customisable controls that help to limit spending and give customers a full view of expenses, along with tools to help them invest more in their business.

“With Marqeta’s single global platform, we can support OakNorth as the bank continues to grow and expand into new markets, ensuring customers have the same bespoke experience and control of their program as it scales.”

“OakNorth chief product officer Kristjan Kaar said, “We’re proud to work closely with our customers to build a highly tailored solution that fits the unique needs of their business. We selected Marqeta because of its innovative approach to building a card program that would enable us to create a bespoke experience for our customers and support them in their growth ambitions.”

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