Marqeta and OakNorth partner to offer commercial cards in the UK

By Gloria Methri

Marqeta, the global modern card issuing platform, has partnered with OakNorth to offer a commercial card for the latter’s Business Banking customers. The partnership enables Oaknorth customers to see a more holistic view of their finances and more efficiently track spending and manage cash flow.

By partnering with Marqeta, OakNorth will provide its small and medium-sized business customers with services typically only available to commercial banking customers. These include deposit accounts and tools to automate bill payments, helping them plan for rising costs and thrive amid economic uncertainty.

“We are proud to work closely with our customers to build a highly tailored solution that fits their unique business needs,” 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.”

Launched in September 2015, OakNorth is a digital commercial bank that empowers scaling businesses to support growth, prosperity, and innovation. Since its launch, the bank has helped create over 40,000 new jobs and supported businesses across the UK and a variety of sectors.

“Traditional banking products aren’t always 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,” said Todd Pollak, Chief Revenue Officer, Marqeta.

“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.”