Following this announcement, Marqeta and OakNorth will focus on offering commercial cards in the UK, while also accelerating the development process of small and medium-sized businesses and enterprises (SMEs), as well as providing them with optimised banking tools.
The financial institutions aim to meet the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the requirements and laws of the industry.
Marqeta’s modern card issuing platform was developed in order to provide customers and clients with the possibility to design customised, secured, and efficient payment cards and Embedded Finance offerings. The solution is powered by open APIs and it aims to offer users the ability to build more configurable and flexible payment experiences, as well as democratising access to the card issuing technology and accelerating product development.
Small and medium-sized businesses (SMBs) represent 99.9% of businesses in the region of the UK, while also powering the majority of private sector jobs. By partnering with Masqeta, OakNorth is expected to provide its SMB customers and partners with access to services that are typically only available to commercial banking clients. This will include deposit accounts and tools in order to automate bill transactions, while also optimising the manner in which they plan for rising costs and grow amid economic uncertainty.
The strategic deal will enable SMEs to access and benefit from commercial cards with customisable controls in order to limit spending and allow customers to have a full view of expenses. Marqeta will continue to deliver its suite of services and expertise in order to accelerate OakNorth’s development process, as well as its strategy of expanding into new markets. This process will also focus on ensuring that users have the same experience and control over their program as it scales.
Throughout this collaboration, Marqeta will provide its platform in order to enable OakNorth to access its speed, flexibility, and reliability, as well as to be able to see a more holistic view of finances, track spending, and manage cash flow. Marqeta and OakNorth will also focus on developing an improved customer experience, supporting businesses and partners in their growth ambitions, as well as contributing to the overall development of the financial landscape.
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