OakNorth, a UK-based digital bank focused on lower mid-market businesses, has announced the completion of a strategic transaction with Monite, a financial management platform for businesses.
According to the official press release, the deal involves the transfer of Monite's core technologies and the onboarding of its product and engineering teams into OakNorth.
The transaction will enable OakNorth to integrate accounts receivable, accounts payable, and expense management functionality directly into its business banking offering. The first capabilities are expected to go live in Q2 2026, as part of OakNorth's broader Finance Automation initiative aimed at helping lower mid-market businesses reduce the complexity of financial operations.
Strategic fit and product roadmap
Lower mid-market businesses, typically too large for standard retail banking products but too small to access enterprise-grade financial infrastructure, have historically managed accounts payable, accounts receivable, and expense workflows through a combination of manual processes and disconnected software tools. By embedding these capabilities within its core banking platform, OakNorth is positioning itself to offer a more integrated alternative to this fragmented approach.
The transaction also brings human capital alongside technology. Ivan Maryasin, Co-founder and CEO of Monite, will join OakNorth as General Manager, Growth for Business Banking, providing continuity across the technology transfer and future product development.
Launched in September 2015, OakNorth is authorised by the PRA and regulated by the FCA. According to company data, to date, the bank has provided over USD 20 billion in lending to entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs.
Commenting on the move, Anna Kuriakose, Chief Product Officer at OakNorth, said the transaction strengthens the bank's approach to building business banking tailored specifically for lower mid-market businesses, with AR and AP capabilities set to deliver a more comprehensive banking experience for its customers. Ivan Maryasin said the strategic alignment between the two platforms creates meaningful opportunities to optimise financial operations for the segment.
