Tackling £22bn SME Funding Gap in UK.
In brief:
- OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has partnered with Marqeta, the global modern card-issuing platform, to enable its Business Banking customers to see a more holistic view of their finances and in turn, manage cash flow more effectively.
- This has been made possible due to a new commercial debit card for OakNorth’s customers, facilitated by the Marqeta platform. Small and medium-sized businesses (SME) account for 99.9 per cent 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 £22billion in the UK. By partnering with Marqeta, OakNorth will provide its SME customers the services typically only available to commercial banking customers.
What does this mean?
“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.”
