OakNorth Unveils Commercial Card Program for Business Banking Clients in Collaboration with Marqeta Platform
OakNorth is set to introduce a commercial card program tailored for its business banking clients, leveraging Marqeta’s card issuing platform. This initiative is aimed at serving small and medium-sized business (SMB) customers in the UK and will complement existing services such as deposit accounts and automated bill payment tools.
The goal is to democratize access to services typically reserved for commercial banking clients, as part of OakNorth’s broader commitment to assisting SMBs in navigating economic uncertainties and preparing for rising costs.
According to an analysis of open banking data released by the embedded finance platform Liberis in December, the business demographic experienced cost increases of £10,000 in 2023, against the backdrop of a £22 billion funding gap identified by the Bank of England.
To address these challenges, OakNorth’s latest initiative aims to offer customers a more comprehensive view of their finances, empowering them to efficiently track spending and manage cash flow.
In November, OakNorth introduced its business banking unit, which focuses on supporting “overlooked and underserved” founders and C-Suite executives. As part of this initiative, Sam O’Connor, former CEO and founder of the accounting and tax app-based solution Coconut, was appointed to lead the unit, underscoring OakNorth’s commitment to enhancing its offerings for SMBs.
Source: fintechfutures.com
