UK digital bank OakNorth has partnered with global card issuing platform, Marqeta, to support its business banking offering. Specifically, the collaboration aims to meet the growing demand for transaction banking services with a
commercial card for OakNorth’s Business Banking customers. The partnership will leverage the speed, flexibility and reliability of Marqeta’s platform. In turn, OakNorth customers will be able to see a more holistic view of their finances and more efficiently track spending and manage cash flow.
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By partnering with Marqeta, OakNorth will provide its small and medium-sized business customers the services typically only available to commercial banking customers. This includes deposit accounts and tools to automate bill payments.
In addition, it helps OakNorth customers plan for rising costs and will enable them to thrive amid economic uncertainty.
“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.
Innovative approach to building a card programme
“We selected Marqeta because of its innovative approach to building a card programme. It enables us to create a bespoke experience for our customers and support them in their growth ambitions.”
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By GlobalDataLaunched in September 2015, OakNorth specialises in supporting ambitious entrepreneurs and businesses that are underserved by traditional banks.
Todd Pollak, Chief Revenue Officer, Marqeta, added: “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. Partnering with Marqeta, it will be able to provide its 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.”
