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Marqeta partners with OakNorth to offer commercial cards in the UK, catering to the demand for better banking tools. OakNorth, a leading UK digital bank, collaborates with Marqeta to provide Business Banking customers with a commercial card, enabling more efficient financial management for small and medium-sized businesses. The partnership aims to bridge the SME funding gap in the UK and empower businesses to navigate economic uncertainties.
Marqeta collabora con OakNorth per offrire carte commerciali nel Regno Unito, rispondendo alla domanda di strumenti bancari migliori. OakNorth, una banca digitale leader nel Regno Unito, collabora con Marqeta per fornire ai clienti di Business Banking una carta commerciale, permettendo una gestione finanziaria più efficiente per le piccole e medie imprese. La partnership mira a colmare il divario di finanziamento delle PMI nel Regno Unito e a potenziare le imprese per affrontare le incertezze economiche.
Marqeta se asocia con OakNorth para ofrecer tarjetas comerciales en el Reino Unido, satisfaciendo la demanda de mejores herramientas bancarias. OakNorth, un banco digital líder en el Reino Unido, colabora con Marqeta para proporcionar a los clientes de Banca Empresarial una tarjeta comercial, permitiendo una gestión financiera más eficiente para las pequeñas y medianas empresas. La asociación tiene como objetivo cerrar la brecha de financiación de las PYMES en el Reino Unido y empoderar a las empresas para navegar por las incertidumbres económicas.
Marqeta는 영국에서 상업 카드를 제공하기 위해 OakNorth와 파트너십을 맺고, 더 나은 은행 도구에 대한 수요에 응답합니다. 영국의 선도적인 디지털 은행인 OakNorth는 Marqeta와 협력하여 비즈니스 뱅킹 고객에게 상업 카드를 제공함으로써 소규모 및 중소기업의 재정 관리를 보다 효율적으로 할 수 있게 합니다. 이 파트너십은 영국의 중소기업 자금 조달 격차를 해소하고 경제적 불확실성을 헤쳐 나갈 수 있도록 기업을 지원하는 것을 목표로 합니다.
Marqeta s'associe avec OakNorth pour proposer des cartes commerciales au Royaume-Uni, répondant ainsi à la demande pour de meilleurs outils bancaires. OakNorth, une banque numérique leader au Royaume-Uni, collabore avec Marqeta pour offrir à ses clients de la banque d'affaires une carte commerciale, permettant une gestion financière plus efficace pour les petites et moyennes entreprises. Le partenariat vise à combler le déficit de financement des PME au Royaume-Uni et à donner aux entreprises les moyens de naviguer dans les incertitudes économiques.
Marqeta arbeitet mit OakNorth zusammen, um geschäftliche Karten im Vereinigten Königreich anzubieten und damit der Nachfrage nach besseren Bankwerkzeugen gerecht zu werden. OakNorth, eine führende digitale Bank im Vereinigten Königreich, kooperiert mit Marqeta, um Geschäftsbankenkunden eine kommerzielle Karte zur Verfügung zu stellen, die eine effizientere Finanzverwaltung für kleine und mittelständische Unternehmen ermöglicht. Die Partnerschaft zielt darauf ab, die Finanzierungslücke für KMUs im Vereinigten Königreich zu schließen und Unternehmen zu befähigen, wirtschaftliche Unsicherheiten zu meistern.
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Leading UK digital bank OakNorth has turned to Marqeta to support its Business Banking offering and meet the growing demand for transaction banking services.
OAKLAND, Calif.--(BUSINESS WIRE)--
Marqeta (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.
Small 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.
“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.”
Launched 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.
“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,” 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.”
About Marqeta (NASDAQ: MQ)
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards and embedded finance offerings. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is certified to operate in more than 40 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business and growth; Marqeta’s products and services; and statements made by Marqeta’s senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K, as may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
What partnership did Marqeta announce with OakNorth?
Marqeta announced a partnership with OakNorth to offer a commercial card for OakNorth's Business Banking customers.
What problem in the UK economy does the partnership aim to address?
The partnership aims to address the SME funding gap in the UK and help businesses navigate rising costs and economic uncertainties.
When was OakNorth launched?
OakNorth was launched in September 2015 as a leading digital commercial bank empowering scaling businesses.
What unique services will OakNorth offer its small and medium-sized business customers through the partnership?
OakNorth will provide services typically available to commercial banking customers, including deposit accounts and tools to automate bill payments, enabling businesses to plan for rising costs and thrive amid economic uncertainty.
How will Marqeta's platform benefit OakNorth customers?
Marqeta's platform will provide OakNorth customers with a more holistic view of their finances, enabling them to track spending and manage cash flow more efficiently.
