OakNorth, a digital bank in the UK that serves lower mid-market businesses, has concluded a significant transaction with Monite, a financial management platform designed for businesses.

In this agreement, OakNorth is acquiring core technologies from Monite and bringing on its product and engineering teams.

This integration will allow OakNorth to offer accounts receivable, accounts payable, and expense management functionalities within its business banking services. These new features are expected to become available in the second quarter of 2026 as part of OakNorth’s broader initiative aimed at simplifying financial operations for lower mid-market businesses.

Integration and product roadmap

Many lower mid-market firms rely on a mix of manual processes and various software tools to manage their accounts payable, receivable, and expense management tasks. By incorporating these functions into its banking platform, OakNorth plans to provide a more cohesive solution for this customer segment.

The acquisition also includes the transfer of human resources alongside technology. Ivan Maryasin, Co-founder and CEO of Monite, will join OakNorth as General Manager for Growth in Business Banking, ensuring continuity during the transition and future development phases.

Founded in September 2015, OakNorth is regulated by both the PRA and FCA. To date, it has facilitated over $20 billion in lending to entrepreneur-led businesses across the UK and US, supporting job creation in excess of 70,000.

According to Anna Kuriakose, OakNorth’s Chief Product Officer, this move enhances their strategy for developing business banking solutions tailored specifically for lower mid-market clients. Ivan Maryasin highlighted that the alignment between both platforms presents substantial opportunities to streamline financial operations for this market segment.