Oaknorth
“Can a UK digital bank built on specialist SMB lending become the full-service transaction banking platform for growth-oriented lower mid-market businesses in the UK and US?”
Founded2015
HQ57 Broadwick Street, London, W1F 9QS, UK
IndustryFintech / SMB banking
The story
Founded in September 2015 as a UK digital bank focused on lending to growth-oriented SMEs and offering consumer savings products. OakNorth carved a niche as a specialist structured debt finance provider, deploying over £12 billion to UK and US businesses. In 2024, the bank expanded beyond pure lending and savings into transaction banking, launching commercial Visa debit cards via Marqeta and integrating with major accounting platforms (Xero, Sage, NetSuite) through Codat — signalling a move toward becoming a full-service SMB banking platform.
Product timeline
2015
OakNorth Bank plc launched in the UK as a digital bank focused on business loans and savings accounts.· banking
2015
Opened savings accounts for UK consumers and businesses, rapidly attracting over 160,000 savings customers.· banking
2024
Partnered with Marqeta to issue commercial Visa debit cards for Business Banking customers in the UK.· card
2024
Launched Business Banking product suite including Visa debit cards, accounting integrations (Xero, Sage, NetSuite), and transaction banking features.· banking
2024
Expanded C&I lending operations in the US, targeting lower mid-market businesses with $5M–$30M loan sizes.· lending
Regulated entities
Bank (PRA-authorised, FCA-regulated)
UK (FCA/PRA) · 2015
OakNorth Bank plc
The stack
Banking / BaaS
Card issuing
Lending
Business term loans (£1M+)Revolving credit facilitiesProperty development financingFund & speciality finance (PE/private equity debt)Senior living / care home financingC&I lending (US, $5M–$30M)Senior/first-out term loans (US)Delayed draw term loans (US)Club participations and syndications (US)
Open banking
Accounting
Accounting gap: minor