OakNorth launches small and medium business commercial cards

The neo bank will offer the commercial card for its business banking clients through Marqeta

The OakNorth commercial card offering will extend to the digital commercial bank’s small and medium-sized business (SMB) customers in the UK. It’ll be joined by deposit accounts and automation tools for bill payments.

OakNorth says it intends to democratise services that are typically only available to commercial banking customers, as part of a larger effort to help SMBs plan for rising costs and thrive amid economic uncertainty.

An analysis of open banking data published by embedded finance platform Liberis in December indicates that the business demographic faced cost increases of £10,000 in 2023, amid the £22bn gap in sector funding identified by the Bank of England.

To offset this, OakNorth says its latest initiative will provide customers with a more holistic view of their finances alongside an ability to more efficiently track spending and manage cash flow.

Kristjan Kaar, chief product officer at OakNorth, 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.”

Todd Pollak, chief revenue officer at Marqeta, 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.”

Related news: I spoke to Matt Bullivant, OakNorth’s director of sustainability and ESG about the role fintechs have to play for a sustainable future.

Images: Marqeta, OakNorth

Robert Welbourn Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.