FINTEX Exclusive Interview with Rishi Khosla, CEO of OakNorth Bank

OakNorth Bank: Summary, history, products and future outlook

OakNorth Bank, led by CEO and co-founder Rishi Khosla, is a UK-regulated challenger bank focused on powering growth for scale-ups, platforms, marketplaces and credit-first fintechs through embedded finance. The bank emphasizes product-led, compliant solutions across payments, accounts, cards and merchant services, designed for platforms that require fast onboarding, strong KYB/KYC, scalable fraud and AML tooling, and open banking capabilities. OakNorth operates with a bank-first governance model and leverages an ecosystem of licensed partners to deliver payments and card rails, IBAN issuance, SEPA SCT Inst processing, PIS/AIS, FX, wallets and embedded finance features. The company follows a risk-aware, regulator-driven approach, concentrating on robust due diligence, governance, controls and a transparent pricing framework suitable for B2B fintechs, marketplaces and SaaS-style platforms.

History and futurist direction are anchored in: building a regulated, bank-grade platform for embedded finance; expanding cross-border rails (SEPA) and instant settlement capabilities; leveraging API-first architecture, sandbox environments and developer-friendly tooling; aligning with evolving EU/UK regulatory regimes (payments, open finance, MiCA considerations for crypto-enabled services) while maintaining a strong focus on customer outcomes, reliability and compliance. The roadmap anticipates deeper European expansion, broader issuer/processor capabilities via partner ecosystems, enhanced Open Banking and data-enabled products, and continuous improvements in onboarding speed, KYC/KYB automation, fraud prevention and risk controls, all while maintaining a competitive stance against Stripe, Adyen, Banking Circle, Swan and Lemonway.

Interview with Rishi Khosla, CEO of OakNorth Bank

Q1. What is your current role at OakNorth Bank, and what is your background leading up to this position?

A. I am the CEO and co-founder of OakNorth Bank. My focus is on strategy, product design, regulatory alignment and scalable execution across the bank’s platforms. Prior to OakNorth, I co-founded Copal Amba, a data analytics and intelligence provider for lenders, which helped shape our emphasis on data-driven credit and enterprise-scale fintech solutions. My early work centered on building technology-enabled financial services that combine rigorous risk management with streamlined client journeys. This background informs our approach to embedded finance, open banking, and cross-border payments.

Q2. What is OakNorth Bank’s regulatory footprint in the UK and EU, including licensing models and partnerships?

A. OakNorth Bank operates as a UK bank regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with a governance model designed to ensure strong risk, compliance and capital adequacy. For payments, issuer and processing rails, we rely on a network of licensed partners and, where appropriate, an agent model to deliver services such as EMI/PI capabilities, IBAN issuance and card processing. We leverage compliant, partner-led arrangements to support cross-border payments (SEPA, SCT Inst) and to pilot open banking interfaces, while adhering to MiCA considerations for crypto-related use cases through regulated collaborations. This approach maintains a bank-centric core with compliant, scalable payments rails via licensed partners.

Q3. Can you detail OakNorth’s core product suite and how it supports embedded finance and platform business models?

A. Core products include IBAN issuance, SEPA/SCT Inst transfers, PIS/AIS (open banking interfaces), cards and wallets, multi-currency FX, onboarding and KYB/KYC tooling, AML and fraud controls, and embedded finance rails. We provide APIs, dashboards and sandbox environments for integration, with compliant card issuing and acquiring capabilities through trusted partner networks. Our approach emphasizes modular rails that platform players can enable for their end customers, with risk controls, identity verification, fraud monitoring, and ongoing compliance baked in. We also offer account services, transaction processing, and analytics to support platform monetization and customer experience.

Q4. Who are OakNorth’s target clients and what are typical use cases?

A. Our focus is on marketplaces, SaaS platforms, B2B fintechs, and platforms requiring scalable payments and banking rails. Use cases include on-platform wallets and payment flows, merchant acquiring for marketplaces, issuer services for fintechs needing branded cards, SEPA/SCT Inst settlement for euro-denominated flows, and crypto-related value-added services via compliant partnerships for crypto VASPs. We also support adult/affiliate programs only where compliant partnerships exist and business models align with risk policies. The open banking stack enables PIS/AIS for customers who want account-to-account payments and data access for payment initiation and account information services.

Q5. What is your risk appetite and compliance approach?

A. We maintain a prudent, risk-aware posture with a strong emphasis on compliance, controls and governance. That includes robust KYB/KYC processes, transaction monitoring, AML controls, risk-based onboarding, and ongoing screening. We aim to balance speed-to-market with rigorous due diligence, applying scalable technology for identity verification, risk scoring and suspicious activity monitoring. Our partner model is designed to ensure regulatory alignment across jurisdictions while giving clients reliable, auditable payment and banking rails.

Q6. How extensive is OakNorth’s SEPA Instant coverage and what is the routing logic?

A. We support SEPA Instant where available through our payments rails via licensed partners. Routing logic prioritizes banks and PSPs that offer SCT Inst settlement within seconds, with fallback to standard SEPA Credit Transfers or eligible instant rails where supported. Routing decisions factor in settlement speed, payer/beneficiary country, interbank networks, and the beneficiary bank’s capabilities, aiming to optimize for speed, reliability and cost for the end customer.

Q7. What Open Banking capabilities does OakNorth provide?

A. We offer Open Banking-enabled APIs for PIS/AIS, enabling payment initiation and account information services through registered schemes. Our Open Banking layer integrates with partner banks and fintechs, providing secure data access, consent management and compliant payment initiation capabilities in line with PSD2 and regional equivalents.

Q8. Do you have acquiring licenses, and how is merchant acquiring handled?

A. OakNorthBank itself focuses on banking and regulated rails; merchant acquiring is typically provided through licensed partners and/payment service providers under an appropriate agent or sponsorship arrangement. We coordinate with accredited acquirers to support merchants and platforms, ensuring PCI-DSS compliance, fraud monitoring and settlement flows align with our risk framework.

Q9. What onboarding timelines and documentation are typical for a new partner or client?

A. Onboarding timelines vary by scope, but typical steps include: entity incorporation documents, beneficial ownership details, regulatory licenses (if needed), business purpose and projected transaction volumes, KYC/KYB data, AML screening, and risk assessment. Technical onboarding with API keys, sandbox access, and integration guides follows. In practice, a standard onboarding window ranges from a few days to a few weeks, depending on the complexity and jurisdictional requirements.

Q10. What does OakNorth’s technical stack look like?

A. We favor a modern, API-first stack with RESTful and event-driven interfaces. Key elements include API gateways, secure OAuth/JWT-based authentication, webhooks, sandbox environments, developer portals, comprehensive dashboards for visibility and controls, and robust monitoring/observability. Our architecture emphasizes scalability, fault tolerance, data privacy and regulatory compliance, with continuous integration/deployment pipelines and secure data handling across multi-tenant environments.

Q11. How is pricing structured at a high level?

A. Pricing is designed to be competitive and predictable for B2B fintechs: typical components include per-transaction processing fees, monthly platform fees, card issuing costs (per card and per transaction), FX margins, and potential onboarding or setup charges. Exact rates depend on volume, risk profile, rails used (SEPA, instant, card networks), and the level of white-labeling or customization. We aim for transparency and a clear value proposition that aligns with platform revenue models.

Q12. How does OakNorth differentiate from Stripe, Adyen, Banking Circle, Swan, Lemonway and similar players?

A. OakNorth blends bank-grade regulatory strength with embedded finance rails designed for platforms. Our differentiation lies in deep regulatory compliance, robust KYB/KYC, strong risk controls, a bank-backed balance sheet for certainty, and an emphasis on open banking and cross-border payments with a structured agent/partner model. We focus on platform-need alignment, end-to-end orchestration, and scalable onboarding, while offering competitive pricing and a transparent risk framework. We complement, rather than simply compete with, pure PSPs and card-issuing specialists by providing bank-grade rails and an integrated product suite for platform ecosystems.

Q13. What is the 12–24 month roadmap and long-term vision?

A. In the near term, we plan to expand European rails, enhance SEPA Instant coverage, deepen Open Banking capabilities, broaden issuer and acquiring partnerships, and accelerate onboarding for partners. Longer-term, we envision a more integrated, platform-first operating system for embedded finance, with stronger data-driven decisioning, expanded cross-border payment rails, enhanced crypto-related service tiers through compliant partnerships, and broader adoption by marketplaces, SaaS platforms and crypto-enabled VASPs where regulatory alignment supports growth.

Q14. How is OakNorth positioned for crypto-related services and MiCA compliance?

A. We approach crypto-enabled services through compliant, partner-driven solutions that align with MiCA and local cryptocurrency regulations. Our stance emphasizes regulatory-by-design architecture, risk controls, and clear due diligence for crypto-related use cases. We do not operate standalone crypto wallets as a primary product; instead, we enable secure, regulated access to crypto rails via vetted partners where appropriate and permitted by jurisdiction.

Q15. Which verticals and use cases are considered high-priority for your platform?

A. Priority is given to marketplaces, SaaS platforms, and multi-vendor platforms needing scalable payments, issuer rails, and data-enabled onboarding. Other important verticals include crypto/VASP integrations through compliant partner rails, adult/affiliate programs where permitted by policy and compliant with regulatory requirements, and any platform that requires fast, compliant onboarding and robust financial rails with strong risk oversight.

Q16. How does OakNorth handle onboarding speed without compromising compliance?

A. We leverage automated identity verification, risk-based thresholds, and modular KYB/KYC workflows, with human-in-the-loop review for high-risk cases. The sandbox environment accelerates integration, while real-time monitoring and automated screening protect the platform and end customers. The balance is achieved by pre-configured risk rules, scalable data verification, and continuous optimization of the onboarding journey.

Q17. What are the key open banking and API capabilities available to developers?

A. Developers gain access to well-documented RESTful APIs, secure authentication, webhooks for event-driven updates, sandbox credentials, and a developer portal with reference architectures. Open Banking allows PIS/AIS capabilities, while account and payment data can be consumed to enable payment initiation and data-driven decisioning within partner applications.

Q18. How does OakNorth approach fraud prevention and AML tooling?

A. Our approach combines real-time transaction monitoring, anomaly detection, machine learning-based risk scoring, and strict KYC/KYB processes. We maintain a centralized policy framework, audit trails, and incident response playbooks to ensure quick containment of suspicious activity, alongside reporting to relevant regulators and compliance teams.

Q19. What is the typical documentation package a partner would prepare for onboarding?

A. Typical documents include corporate registration, beneficial ownership details, corporate structure, AML/KYC policies, business plan and forecast, expected product set and rails usage, data sharing and consent frameworks, and any regulatory approvals required for cross-border activity.

Q20. How does OakNorth support pricing and commercial aspects for partners?

A. We provide transparent pricing structures tailored to partner volumes and rails used, with clear cost components for onboarding, processing fees, card issuing, FX, and potential monthly platform fees. We also offer scenario-based pricing models to align with partner revenue plans and ensure sustainable unit economics.

Q21. Can you share examples of competitive partnerships and ecosystem play?

A. Our ecosystem approach centers on robust, regulated rails via partnerships with licensed PSPs, acquirers, card networks, and card issuers. We focus on integrating with platforms that require strong compliance controls, scalable onboarding, and reliable settlement capabilities, enabling a seamless end-customer experience while maintaining risk discipline.

Q22. What are the main milestones or bets you’re making for 12–24 months?

A. Key bets include deeper EU rails expansion, enhanced SEPA Instant coverage, broader PIS/AIS capabilities, expanded issuer/processor partnerships, continued Open Banking enhancements, faster onboarding cycles, and ongoing investment in risk governance, fraud controls, and compliance engineering to support rapid, compliant growth for platform-led businesses.

Q23. How do you view the competitive landscape in 2025 for fintech rails?

A. The landscape remains competitive and convergent: banks, PSPs and fintechs compete on speed, risk controls, cost of ownership, and the breadth of rails offered. OakNorth differentiates through a bank-centric framework, trustworthy governance, robust regulatory alignment, and a platform-first approach that enables embedded finance capabilities at scale without compromising compliance.

Q24. How do you plan to communicate with and support partners during the onboarding and integration process?

A. We emphasize proactive onboarding, detailed technical documentation, sandbox playbooks, dedicated partner engineering, regular check-ins, and a clear escalation path for issues. Our aim is to reduce cycles, increase confidence in integration, and ensure ongoing alignment with regulatory and risk requirements while delivering a quality end-customer experience.

Q25. Any closing thoughts for potential partners considering OakNorth?

A. OakNorth offers a compliant, bank-backed rails platform with open banking capabilities, flexible rails for cross-border payments, and a strong emphasis on risk governance and transparency. For platforms seeking scalable, compliant embedded finance to accelerate growth, we bring experience, regulatory discipline and an ecosystem of licensed rails designed to support sustainable, global expansion.

News-driven questions and responses

Q. In light of recent European payments developments and regulatory updates, how is OakNorth adapting its licensing and product strategy?

A. We are pursuing a regulatory-by-design approach that emphasizes strong governance, flexibility to partner with licensed providers for payment rails, and a roadmap that aligns with evolving EU and UK standards. Our strategy emphasizes expanding SEPA Instant coverage, Open Banking capabilities, and compliant crypto-related services through vetted partnerships while maintaining bank-grade risk controls.

Q. How does OakNorth respond to the demand for faster onboarding and more transparent pricing in the current market?

A. We continue to invest in automation, sandbox-enabled testing, and modular KYB/KYC workflows that speed up onboarding without sacrificing compliance. We also prioritize transparent pricing structures and clear communication about rail costs, fees and settlement timelines to help partners plan revenue models effectively.

Q. Are there any recent product updates or partnerships worth noting for 2024–2025?

A. Our focus remains on expanding cross-border rails, deepening Open Banking interfaces, and broadening the partner ecosystem for acquiring, issuing and card processing. While specifics vary by partner needs, the ongoing trend is toward deeper integration, faster onboarding and greater flexibility for platform clients to customize rails while maintaining strict risk controls.

FAQ for prospects and partners

licensing and regulatory

What licenses does OakNorth rely on for its rails and services? We operate as a UK bank regulated by FCA and PRA. Where EMI, PI or other licenses are required for specific rails, we engage licensed partners under compliant, approved models. An agent model may be used for certain payment services and processing rails where appropriate and legally permissible.

SEPA Instant and routing

Do you support SEPA Instant and how is routing determined? Yes, where available. Routing prioritizes instant rails with fast settlement, considering beneficiary bank capabilities, route availability, and cost efficiency.

Onboarding speed

What documents are typically required for onboarding? Corporate documents, beneficial ownership details, regulatory licenses if applicable, business plans, risk and compliance policies, and information for KYB/KYC. Technical onboarding includes API keys, sandbox access and integration docs.

Open Banking and PIS/AIS

Are PIS/AIS capabilities available? Yes, via Open Banking-enabled APIs. These enable payment initiation and account information access through compliant channels.

Acquiring and card issuing

Is OakNorth an acquirer or issuer? OakNorth provides the rails through licensed partners and card networks. Acquiring and card issuing are delivered via partner ecosystems with appropriate compliance controls.

Crypto and MiCA

What is OakNorth’s stance on crypto and MiCA compliance? We approach crypto-enabled services through compliant partnerships, ensuring alignment with MiCA and local regulations where applicable, and we do not operate standalone crypto wallets without partner-validated compliance.

Pricing

Is pricing transparent? We offer clear, volume-based pricing with components such as per-transaction fees, monthly platform fees, card issuing costs, FX margins and onboarding charges, subject to volume and rails used.

Roadmap

What is the near-term roadmap? Expect expansion of SEPA Instant coverage, broader Open Banking capabilities, deeper European rails, and more platform-enabled rails through licensed partners, with ongoing enhancements to onboarding speed and risk controls.

What to search for when evaluating OakNorth Bank

OakNorth Bank API documentation
OakNorth SEPA Instant coverage
OakNorth Open Banking PIS AIS
OakNorth issuer rails partner network
OakNorth onboarding timeline and KYB/KYC requirements
OakNorth pricing for embedded finance
OakNorth acquiring and card issuing partners
OakNorth MiCA readiness and crypto partnerships

Sources

OakNorth official site

Finextra RSS headlines

UK FCA

Bank of England