OakNorth
Profitable SMB lender-bank.
- Who holds it
- The company itself — it holds a full banking licence — Full UK banking license (PRA/FCA, 2015).
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from OakNorth’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · SMB & startups |
| AI | AI underwriting in production |
| HQ | London, UK |
| Founded | 2015 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | Full UK banking license (PRA/FCA, 2015) |
| Card | No card |
| Yield | Competitive savers |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Europe |
Verified links: official site ↗
Common questions about OakNorth
What is OakNorth?
OakNorth is a fiat neobank built for SMB & startups, headquartered in London, UK and founded in 2015. Your money is held custodially, so OakNorth or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (Full UK banking license (PRA/FCA, 2015)).
Does OakNorth have a card, and where can you use it?
It issues no card of its own. It is available in Europe.
Does OakNorth require KYC?
Yes. OakNorth requires identity verification (KYC) to open an account, as a licensed bank.
What does OakNorth cost?
From the verified fields: yield Competitive savers. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with OakNorth before relying on them.
Early investors
Head-to-head
OakNorth vs Tide · OakNorth vs ANNA Money · OakNorth vs Allica Bank · OakNorth vs Zempler Bank
Peers
Monzo · Wise · Starling Bank · Atom Bank · Zopa Bank · Chase UK
OakNorth appears in
Neobanks that hold their own banking license (132) · Neobanks available in Europe (144) · Neobanks for small businesses and startups (33) · Neobanks with no card of their own (67) · Neobanks in United Kingdom (29)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.