Business
Marqeta Partners with OakNorth to Offer Commercial Cards in the UK, Embracing Growing Small and Medium-Sized Business Demand for Better Banking Tools
Leading UK digital bank OakNorth has turned to Marqeta to support its Business Banking offering and meet the growing demand for transaction banking services.
About this update from Marqeta, Inc.
[{"type":"text","content":"\nLeading UK digital bank OakNorth has turned to Marqeta to support its Business Banking offering and meet the growing demand for transaction banking services.\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world’s innovators, today announced a partnership with OakNorth, the digital bank for entrepreneurs, by entrepreneurs, to offer a commercial card for OakNorth’s Business Banking customers. Thanks to the speed, flexibility and reliability of Marqeta’s platform, OakNorth customers will be able to see a more holistic view of their finances and more efficiently track spending and manage cash flow.\n\n\nSmall and medium-sized businesses (SMEs) account for 99.9% of businesses in the UK and power the majority of private sector jobs. Despite being a critical part of the economy, UK SMEs are struggling, citing costs £10,000 higher in 2023 than the prior year. In addition, the Bank of England estimates that there is an SME funding gap of £22 billion in the UK. By partnering with Marqeta, OakNorth will provide its small and medium-sized business customers the services typically only available to commercial banking customers, including deposit accounts and tools to automate bill payments, helping them plan for rising costs and thrive amid economic uncertainty.\n\n\n“We’re proud to work closely with our customers to build a highly tailored solution that fits the unique needs of their business,” said Kristjan Kaar, Chief Product Officer, at OakNorth. “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.”\n\n\nLaunched in September 2015, OakNorth is a leading digital commercial bank, empowering scaling businesses (£1m-£100m turnover) to support growth, prosperity, and innovation. Since its launch, OakNorth has helped create over 40,000 new jobs and has supported businesses across the UK and across a variety of sectors. OakNorth specialises in supporting ambitious entrepreneurs and businesses that are underserved by traditional banks.\n\n\n“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 ...