# Live Oak Bancshares competitors: and the alternatives

Source: https://www.bankingnewsai.com/banks/live-oak/competitors
Last updated: Oct 19, 2026

*Part of the [Live Oak Bancshares AI strategy profile](https://www.bankingnewsai.com/banks/live-oak). Peer group: Customers Bancorp, Axos Financial, Huntington Bancshares, The Bancorp, Inc., ServisFirst Bancshares, SoFi Technologies, Enterprise Financial Services Corp, Merchants Bancorp.*

## Who are Live Oak Bancshares's competitors, and what are the alternatives?

Live Oak's 2025 10-K, filed February 27, 2026, says it competes with the largest national banks, 'all of which have small business lending divisions', with community banks and credit unions, and with finance companies, marketplace lenders and fintech lenders. In its core line, SBA 7(a) lending, it is the largest lender by dollar volume: $2.85 billion in fiscal 2025, up 43%. Huntington grew its 7(a) volume 21% to $1.86 billion, U.S. Bancorp 23% to $871.2 million and M&T more than 40% to $294 million. NewtekOne, a branchless bank like Live Oak, originated $767.8 million of 7(a) loans in calendar 2025. The rivalry now runs through software as well. Huntington is Live Oak's fellow investor and design partner in Casca, and Celtic Bank became Casca's third top-10 SBA lender in April 2026. The non-bank rivals are clearest in small-dollar credit and business deposits. Live Oak co-founder Neil Underwood says small businesses that banks will not serve turn to merchant cash advances or credit cards. Bluevine, whose line of credit is issued by Celtic Bank, had $2.1 billion of deposits from 175,000 small businesses at June 30, 2026. Mercury serves more than 300,000 business customers. On the savings side Live Oak funds itself online, with $14.55 billion of deposits at June 30, 2026, against digital banks such as Ally, Axos and SoFi. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [Live Oak Bancshares (GlobeNewswire via FT Markets)](https://markets.ft.com/data/announce/full?dockey=1330-9540756en-7681T2BDT02VJAADTDJ7RT964H), [NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm), [American Banker](https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending), [American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending), [Bluevine](https://www.bluevine.com/newsroom/bluevine-raises-102m-series-f), [Bluevine](https://www.bluevine.com/newsroom/valley-national-bancorp-bluevine-reach-acquisition-agreement), [Valley National Bancorp](https://www.valley.com/content/dam/valley/pdfs/bluevine/Accelerating%20Valleys%20National%20Digital%20Banking%20Franchise.pdf), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260520511817/en), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000053/lob-20260722exx991.htm))

## What does Live Oak say about its competition?

"Commercial banking in the United States is extremely competitive. The Company competes with national banking organizations, including the largest commercial banks headquartered in the country, all of which have small business lending divisions. The Company also competes with other federally and state-chartered financial institutions such as community banks and credit unions. Many of the Company's competitors have higher legal lending limits and are also able to provide a wider array of services and make greater use of media advertising given their size and resources." ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm))

"The Company also faces competition from non-bank entities, such as finance and business development companies, peer-to-peer and marketplace lenders, other non-bank lenders, and financial technology companies. These non-bank entities are not subject to the same regulatory restrictions as banks and bank holding companies. As a result, they may be able to operate with greater flexibility and lower cost structures." ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm))

"Despite the intense level of competition among small business lenders, the Company believes that it occupies a lending category distinct from its competitors. One of the Company's principal advantages is the technology-based platform it uses, which management believes has accelerated the Company's ability to issue proposals, complete credit due diligence, finalize commitments and improve the overall customer experience. The Company believes that its personnel also provide a competitive advantage because they include industry participants with relevant experience in the Company's identified verticals." ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm))

From the risk factors of the same 10-K: "Many of our competitors are well-established, much larger financial institutions. While we believe we can successfully compete with these other lenders in our industry verticals, we may face a competitive disadvantage as a result of our smaller size. Furthermore, nothing would prevent our competitors from developing or licensing a technology-based platform similar to the technology-based platform we currently use in our business. In addition, many of our non-bank competitors have fewer regulatory constraints and may have lower cost structures. We expect competition to continue to intensify due to financial institution consolidation, legislative, regulatory and technological changes, including advances in AI and automation, and the emergence of alternative banking sources." (2025 Form 10-K, filed February 27, 2026.) ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm))

## Who competes with Live Oak in each of its businesses?

| Business line | Competitor | Type | Why it competes |
| --- | --- | --- | --- |
| SBA 7(a) and small business lending | [Huntington](https://www.bankingnewsai.com/banks/huntington) | Bank | Huntington grew its SBA 7(a) volume 21% to $1.86 billion in fiscal 2025, behind Live Oak's $2.85 billion. Casca's CEO says it spent 12 to 18 months in a design partnership with the number-one and number-two 7(a) lenders, Live Oak and Huntington. ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending)) |
| SBA 7(a) and small business lending | NewtekOne (Newtek Bank) | Bank | NewtekOne's 2025 10-K describes Newtek Bank as a branchless national bank serving small businesses online; it originated $767.8 million of SBA 7(a) loans in 2025 and calls its twenty years as one of the largest 7(a) lenders a competitive advantage. ([NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm)) |
| SBA 7(a) and small business lending | [U.S. Bancorp](https://www.bankingnewsai.com/banks/us-bancorp) | Bank | One of the largest national banks of the kind Live Oak's 10-K names; it grew SBA 7(a) volume 23% to $871.2 million in fiscal 2025 and is investing in technology and staff for small business lending. ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm)) |
| SBA 7(a) and small business lending | [M&T Bank](https://www.bankingnewsai.com/banks/mt-bank) | Bank | M&T's SBA 7(a) volume jumped more than 40% to $294 million in fiscal 2025, among the larger banks that American Banker says do the lion's share of 7(a) lending. ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes)) |
| SBA 7(a) and small business lending | Celtic Bank | Bank | A top-10 SBA lender that in April 2026 became Casca's third bank partner, after Live Oak and Huntington, giving it the same AI origination software Live Oak co-designed. ([American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending)) |
| SBA 7(a) and small business lending | [Bluevine](https://www.bankingnewsai.com/fintech/bluevine) | Fintech | A fintech lender of the kind Live Oak's 10-K lists: its small-business line of credit is issued by Celtic Bank, and it had provided over $17 billion of financing (including PPP loans) by June 2026. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [Bluevine](https://www.bluevine.com/newsroom/bluevine-raises-102m-series-f), [Bluevine via PR Newswire](https://www.prnewswire.com/news-releases/bluevine-surpasses-1-million-small-businesses-served-2-billion-on-deposit-17-billion-in-originations-302808188.html)) |
| SBA 7(a) and small business lending | Merchant cash advance providers | Non-bank lender | Live Oak co-founder Neil Underwood said few banks will underwrite a $200,000 loan, so small businesses turn to merchant cash advances or credit cards; Forbes reported in July 2025 that Live Oak planned to use Casca to take on merchant cash advances. ([American Banker](https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending), [Forbes](https://forbes.com/sites/brandonkochkodin/2025/07/18/inside-americas-top-small-business-bank)) |
| Larger business loans: acquisitions, real estate and specialty verticals | [Huntington](https://www.bankingnewsai.com/banks/huntington) | Bank | Huntington is a large bank with a small business lending division of the kind Live Oak's 10-K says may have higher lending limits; after buying Cadence in February 2026 it had nearly 1,400 locations in 21 states, and it made $1.86 billion of 7(a) loans in fiscal 2025. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [Huntington (PR Newswire)](https://www.prnewswire.com/news-releases/huntington-bank-completes-merger-with-cadence-bank-expanding-presence-across-texas-and-the-south-302676243.html), [American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes)) |
| Larger business loans: acquisitions, real estate and specialty verticals | [Customers Bancorp](https://www.bankingnewsai.com/banks/customers) | Bank | A business bank built on specialty verticals that markets speed: it piloted closing selected C&I and CRE loans in seven days, down from 30 to 60, in Q2 2026. Live Oak's 10-K cites faster proposals, due diligence and commitments as its own edge. ([Customers Bancorp (Business Wire via Morningstar)](https://morningstar.com/news/business-wire/20260723160284/customers-bancorp-reports-results-for-second-quarter-2026), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm)) |
| Larger business loans: acquisitions, real estate and specialty verticals | Community banks and credit unions | Credit union | Live Oak's 10-K names community banks and credit unions among its competitors; American Banker notes that the vast majority of 7(a) lenders are community banks and credit unions, though larger banks make most of the loans. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes)) |
| Business checking and deposits opened online | NewtekOne (Newtek Bank) | Bank | Newtek launched business checking in December 2023, and growth in its business deposit base helped it pass $1.4 billion of total deposits by December 31, 2025. Live Oak sells business checking that can be opened completely online. ([NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm), [Live Oak Bank](https://www.liveoak.bank/business-checking/)) |
| Business checking and deposits opened online | [Bluevine](https://www.bankingnewsai.com/fintech/bluevine) | Fintech | Bluevine had about 175,000 active small-business customers and $2.1 billion of deposits at June 30, 2026; Valley National agreed on September 28, 2026 to buy it for about $340 million, citing its AI capabilities. ([Bluevine](https://www.bluevine.com/newsroom/valley-national-bancorp-bluevine-reach-acquisition-agreement), [Valley National Bancorp](https://www.valley.com/content/dam/valley/pdfs/bluevine/Accelerating%20Valleys%20National%20Digital%20Banking%20Franchise.pdf)) |
| Business checking and deposits opened online | [Mercury](https://www.bankingnewsai.com/fintech/mercury) | Fintech | Mercury serves more than 300,000 business customers, one in three US startups, and holds OCC conditional approval for a national bank charter; like Live Oak it sells business accounts opened online. ([Mercury via Business Wire](https://www.businesswire.com/news/home/20260520511817/en), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260427949683/en/Mercury-Receives-OCC-Conditional-Approval-to-Establish-Mercury-Bank-N.A), [Live Oak Bank](https://www.liveoak.bank/business-checking/)) |
| Business checking and deposits opened online | [Axos Bank](https://www.bankingnewsai.com/banks/axos) | Bank | Axos bought Arc Technologies, an AI-native cash-management platform, and is integrating it into its small-business banking; it held $24.6 billion of deposits at June 30, 2026. ([Axos Financial](https://investors.axosfinancial.com/news-events/press-releases/news-details/2026/Axos-Financial-Inc--to-Acquire-Arc-Technologies-Inc-/default.aspx), [Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-axos-beats-q4-2026-estimates-as-shares-rise-after-hours-93CH-4826506), [Axos Financial (Business Wire)](https://businesswire.com/news/home/20260730727486/en/Axos-Financial-Inc.-Reports-Fiscal-Year-2026-Results)) |
| Online savings and CDs | [Ally Bank](https://www.bankingnewsai.com/banks/ally) | Bank | A digital bank that reported 3.6 million deposit customers and 69 straight quarters of customer growth on its Q2 2026 call; Live Oak funds its lending with savings and CDs gathered online, which averaged $6.31 billion and $5.43 billion in 2025. ([earnings call transcript (The Motley Fool)](https://fool.com/earnings/call-transcripts/2026/07/21/ally-ally-q2-2026-earnings-call-transcript), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm)) |
| Online savings and CDs | [Axos Bank](https://www.bankingnewsai.com/banks/axos) | Bank | Axos added about $2.3 billion of Jenius Bank consumer deposits in May 2026 and about $1.9 billion of Capital One IRA deposits in September 2026, growing a national deposit base of the kind Live Oak relies on. ([SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1299709/000129970926000038/ax-20260502.htm), [SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1299709/000129970926000066/ax-20260921.htm)) |
| Online savings and CDs | [SoFi](https://www.bankingnewsai.com/banks/sofi) | Bank | SoFi had 15.8 million members at mid-2026, and its Cash Coach, launched in 2025, looks for low-yielding cash in members' other accounts and suggests moving it, a tool aimed at other banks' deposits. ([Business Wire via FT Markets](https://markets.ft.com/data/announce/detail?dockey=600-202607290700BIZWIRE_USPRX____20260729_BW569583-1), [American Banker](https://americanbanker.com/news/sofi-targets-bank-deposits-with-consumer-facing-ai)) |
| Online savings and CDs | Money market and mutual funds | Broker or asset manager | Live Oak's 10-K lists money market and mutual funds and securities brokerage firms among the institutions it competes with in attracting deposits, primarily on the rates it pays. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm)) |

## How do the AI and digital offerings of Live Oak's competitors compare?

Live Oak first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.

| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
| --- | --- | --- | --- |
| [Live Oak Bancshares (this page)](https://www.bankingnewsai.com/banks/live-oak) | Casca AI loan origination (Live Oak Express) ([Live Oak Bancshares (GlobeNewswire)](https://www.globenewswire.com/news-release/2025/08/19/3135818/36594/en/Live-Oak-Ventures-Participates-in-Financing-of-Cascading-AI-Inc.html), [American Banker](https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending), [American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending), [Moby via Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/live-oak-bancshares-inc-q2-123000999.html)) | [Index 53.1 (#54); 10 use cases, 6 in production](https://www.bankingnewsai.com/banks/live-oak) | Glia names Live Oak a Catalyst Awards Pacesetter (Oct 8, 2026) ([Glia (Business Wire via Yahoo Finance)](https://finance.yahoo.com/technology/ai/articles/4-banks-credit-unions-recognized-134500710.html)) |
| [Huntington](https://www.bankingnewsai.com/banks/huntington) | Casca generative-AI SBA origination, with an overnight applicant chatbot reviewed by a banker; deployment planned for 2026 ([American Banker](https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending)) | [Index 84.2 (#13); 17 use cases, 15 in production](https://www.bankingnewsai.com/banks/huntington) | Named a Coverbase enterprise customer (Sep 29, 2026) ([Coverbase (GlobeNewswire)](https://www.globenewswire.com/news-release/2026/09/29/3370991/0/en/coverbase-adds-third-party-risk-veterans-as-enterprise-adoption-accelerates.html)) |
| NewtekOne (Newtek Bank) | Not disclosed | No profile | Not disclosed |
| [U.S. Bancorp](https://www.bankingnewsai.com/banks/us-bancorp) | In-house tools from the AI Center of Excellence ([U.S. Bank](https://www.usbank.com/about-us-bank/news-and-stories/article-library/us-bank-launches-design-assistant-an-ai-solution-to-empower-designers-at-scale.html), [American Banker](https://www.americanbanker.com/news/u-s-bank-gives-embedded-banking-clients-a-gen-ai-assistant), [U.S. Bank](https://www.usbank.com/about-us-bank/news-and-stories/article-library/ai-powered-statement-analyzer-simplifies-payment-services-for-small-businesses.html), [U.S. Bank](https://www.usbank.com/about-us-bank/news-and-stories/article-library/us-bank-launches-ai-driven-cash-forecasting-tool.html)) | [Index 81.3 (#18); 18 use cases, 16 in production](https://www.bankingnewsai.com/banks/us-bancorp) | Venkatachari: from proving AI to industrializing it (Oct 7, 2026) ([Forbes (Yahoo Finance)](https://finance.yahoo.com/news/u-bank-industrializing-ai-132012524.html)) |
| [M&T Bank](https://www.bankingnewsai.com/banks/mt-bank) | Microsoft Copilot on a data-lineage foundation ([American Banker](https://www.americanbanker.com/news/how-m-t-bank-ensures-data-quality-as-it-implements-gen-ai), [Fast Company](https://www.fastcompany.com/91596458/michael-wisler-m-t-bank-pacesetters-2026)) | [Index 75.5 (#28); 14 use cases, 10 in production](https://www.bankingnewsai.com/banks/mt-bank) | Rajwani on AI agents and deposit runs (Oct 1, 2026) ([American Banker](https://americanbanker.com/news/ai-agent-bank-runs-possible-but-unlikely-experts-say)) |
| Celtic Bank | Casca AI loan origination (from April 2026) ([American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending)) | No profile | Not disclosed |
| [Bluevine](https://www.bankingnewsai.com/fintech/bluevine) | In-house automated underwriting with line-of-credit decisions in minutes; AI chatbot containing about 80% of inquiries ([Valley National Bancorp](https://www.valley.com/content/dam/valley/pdfs/bluevine/Accelerating%20Valleys%20National%20Digital%20Banking%20Franchise.pdf)) | [7 use cases, 5 in production](https://www.bankingnewsai.com/fintech/bluevine) | Lean Team Economy Report (Oct 7, 2026) ([Bluevine via PR Newswire](https://www.prnewswire.com/news-releases/bluevine-study-finds-more-than-half-of-smbs-use-ai-to-handle-workload-of-at-least-one-employee-302900406.html)) |
| Merchant cash advance providers | Not disclosed | No profile | Not disclosed |
| [Customers Bancorp](https://www.bankingnewsai.com/banks/customers) | Multi-agentic credit underwriting built with OpenAI engineers on site ([Customers Bank (Business Wire)](https://businesswire.com/news/home/20260427319349/en/Customers-Bank-Announces-Strategic-Collaboration-with-OpenAI-to-Redefine-the-Commercial-Banking-Operating-Model), [Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-customers-bancorp-posts-strong-q2-2026-growth-93CH-4812021)) | [Index 75.5 (#29); 16 use cases, 11 in production](https://www.bankingnewsai.com/banks/customers) | Q2 2026 10-Q: no AI language (Aug 7, 2026) ([Customers Bancorp (SEC filings)](https://www.sec.gov/Archives/edgar/data/1488813/000148881326000095/cubi-20260630.htm), [Customers Bancorp (SEC filings)](https://www.sec.gov/Archives/edgar/data/1488813/000148881326000068/cubi-20260331.htm)) |
| Community banks and credit unions | Not disclosed | No profile | Not disclosed |
| [Mercury](https://www.bankingnewsai.com/fintech/mercury) | Mercury Command, a natural-language assistant that stages financial work for the user's approval (June 2026) ([Mercury](https://mercury.com/blog/introducing-mercury-command)) | [6 use cases, 5 in production](https://www.bankingnewsai.com/fintech/mercury) | Mercury Books: AI-driven accounting (Sep 16, 2026) ([Mercury via Business Wire](https://www.morningstar.com/news/business-wire/20260916850195/mercury-launches-intelligent-accounting-with-mercury-books)) |
| [Axos Bank](https://www.bankingnewsai.com/banks/axos) | Arc's 'Archie' CFO agent, its first client-facing AI product ([Axos Financial](https://investors.axosfinancial.com/news-events/press-releases/news-details/2026/Axos-Financial-Inc--to-Acquire-Arc-Technologies-Inc-/default.aspx), [Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-axos-beats-q4-2026-estimates-as-shares-rise-after-hours-93CH-4826506)) | [Index 56.7 (#50); 12 use cases, 10 in production](https://www.bankingnewsai.com/banks/axos) | Proxy: Technology Committee chair named; Axos Clearing head retired (Sep 24, 2026) ([SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1299709/000129970926000073/ax-20260924.htm)) |
| [Ally Bank](https://www.bankingnewsai.com/banks/ally) | Ally.ai and the Personas ([Ally Financial](https://media.ally.com/2025-07-23-Ally-Financial-rolls-out-proprietary-AI-platform-enterprise-wide), [American Banker](https://americanbanker.com/news/how-sathish-muthukrishnan-keeps-allys-data-safe-from-gen-ai), [American Banker](https://americanbanker.com/news/allys-personas-is-on-of-the-innovation-of-the-year-honorees)) | [Index 76.5 (#27); 13 use cases, 9 in production](https://www.bankingnewsai.com/banks/ally) | CRO: AI should be 'an accelerant', not just something to control (Oct 1, 2026) ([American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-9-stephanie-richard-ally-financial)) |
| [SoFi](https://www.bankingnewsai.com/banks/sofi) | Cash Coach and SoFi Coach, a chat-based financial guide (June 2026) ([American Banker](https://americanbanker.com/news/sofi-targets-bank-deposits-with-consumer-facing-ai), [Business Wire via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202606020900BIZWIRE_USPRX____20260602_BW942219-1)) | [Index 80.4 (#20); 17 use cases, 14 in production](https://www.bankingnewsai.com/banks/sofi) | SoFiUSD settlement live on Mastercard (Sep 22, 2026) ([Business Wire via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202609220800BIZWIRE_USPRX____20260922_BW545634-1)) |
| Money market and mutual funds | Not disclosed | No profile | Not disclosed |

## Who should look beyond Live Oak, and where?

| If you are | Look at | Why |
| --- | --- | --- |
| Business owners who want a local branch and banker | [Huntington or M&T, which are also among the larger SBA 7(a) lenders](https://www.bankingnewsai.com/banks/huntington) | Live Oak serves customers through its technology-based platform 'without maintaining traditional branch locations'. Huntington made $1.86 billion of 7(a) loans in fiscal 2025 and has nearly 1,400 locations in 21 states; M&T made $294 million and has 960 branches in 13 states. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [Huntington (PR Newswire)](https://www.prnewswire.com/news-releases/huntington-bank-completes-merger-with-cadence-bank-expanding-presence-across-texas-and-the-south-302676243.html), [Banking Dive](https://www.bankingdive.com/news/mt-bank-ceo-jones-acquisitions-scale-technology/805015/)) |
| Businesses that need a small working-capital line within days rather than an SBA term loan | [Bluevine](https://www.bankingnewsai.com/fintech/bluevine) | Underwriting a Live Oak Express loan took about two weeks once documents were in (April 2026), with a target of seven to ten days from application to funding. Bluevine's line of credit, issued by Celtic Bank, runs on automated underwriting that Valley's deal presentation says can decide in minutes. ([American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending), [Bluevine](https://www.bluevine.com/newsroom/bluevine-raises-102m-series-f), [Valley National Bancorp](https://www.valley.com/content/dam/valley/pdfs/bluevine/Accelerating%20Valleys%20National%20Digital%20Banking%20Franchise.pdf)) |
| Startups that want an AI assistant built into the business account | [Mercury](https://www.bankingnewsai.com/fintech/mercury) | Live Oak's business checking offers QuickBooks connection, ACH, wires and account permissions but no disclosed AI assistant. Mercury launched Command in June 2026, a natural-language assistant that stages payments and other work for approval, and serves more than 300,000 customers. ([Live Oak Bank](https://www.liveoak.bank/business-checking/), [Mercury](https://mercury.com/blog/introducing-mercury-command), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260520511817/en)) |
| Savers who want banking, investing and an AI money guide in one app | [SoFi](https://www.bankingnewsai.com/banks/sofi) | Live Oak's personal offering on its site is a high-yield savings account opened online. SoFi has 15.8 million members, launched SoFi Coach, a chat-based financial guide, in June 2026, and launched Composer by SoFi for automated investing strategies the same month. ([Live Oak Bank](https://www.liveoak.bank/personal-savings/), [Business Wire via FT Markets](https://markets.ft.com/data/announce/detail?dockey=600-202607290700BIZWIRE_USPRX____20260729_BW569583-1), [Business Wire via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202606020900BIZWIRE_USPRX____20260602_BW942219-1), [Business Wire via FT Markets](https://markets.ft.com/data/announce/full?dockey=600-202606230800BIZWIRE_USPRX____20260623_BW095057-1)) |
| Small businesses outside Live Oak's chosen industry verticals | A local community bank or credit union, or NewtekOne | Live Oak concentrates on carefully selected industry verticals and lends more broadly only to select borrowers outside them. NewtekOne serves small business owners online across industries, and American Banker notes most 7(a) lenders are community banks and credit unions. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm), [American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes)) |

## How does Live Oak's SBA lending compare with its rivals' in volume?

SBA 7(a) loan volume by lender as reported for the SBA's fiscal year to September 30, 2025, except NewtekOne, which reports calendar-year originations in its 10-K. The 7(a) program reached a record $37.3 billion in fiscal 2025.

| Lender | 7(a) volume | Change | Period |
| --- | --- | --- | --- |
| Live Oak | $2.85 billion; 2,280 loan approvals | +43% | Fiscal 2025 ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [Live Oak Bancshares (GlobeNewswire via FT Markets)](https://markets.ft.com/data/announce/full?dockey=1330-9540756en-7681T2BDT02VJAADTDJ7RT964H)) |
| Huntington | $1.86 billion | +21% | Fiscal 2025 ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes)) |
| U.S. Bancorp | $871.2 million | +23% | Fiscal 2025 ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes)) |
| NewtekOne | $767.8 million; 2,269 loans | -19% (from $943.0 million) | Calendar 2025 ([NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm)) |
| M&T | $294 million | +40%+ | Fiscal 2025 ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes)) |

## Which competitors use the same Casca AI platform as Live Oak?

Casca (Cascading AI) sells an AI loan application and origination platform. Live Oak co-designed it, so its rivals buying the same software narrows the technology edge Live Oak's 10-K describes.

| Bank | Relationship with Casca | Status | Date |
| --- | --- | --- | --- |
| Live Oak | Investor through Live Oak Ventures; design partner; uses it for Live Oak Express | Pilot closing loans; full Express rollout due by end-2026 | August 2025; July 2026 ([Live Oak Bancshares (GlobeNewswire)](https://www.globenewswire.com/news-release/2025/08/19/3135818/36594/en/Live-Oak-Ventures-Participates-in-Financing-of-Cascading-AI-Inc.html), [Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-live-oak-bancshares-tops-q2-2026-estimates-93CH-4809313)) |
| Huntington | Investor in the $29 million Series A; design partner for SBA 7(a) | Deployment planned for 2026 | August 2025 ([American Banker](https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending), [Cascading AI (PR Newswire)](https://prnewswire.com/news-releases/ai-native-loan-origination-platform-casca-raises-29-million-to-replace-legacy-lending-302533000.html)) |
| Celtic Bank | Casca's third top-10 SBA lender and first new partner after the design phase | Signed | April 2026 ([American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending)) |
| Bankwell | Investor in the Series A | Not disclosed | August 2025 ([Cascading AI (PR Newswire)](https://prnewswire.com/news-releases/ai-native-loan-origination-platform-casca-raises-29-million-to-replace-legacy-lending-302533000.html)) |

## Common questions

### Who are Live Oak Bank's biggest competitors?

In SBA 7(a) lending, Huntington ($1.86 billion in fiscal 2025), U.S. Bancorp, M&T and NewtekOne, with Live Oak first at $2.85 billion. In business deposits, Newtek, Bluevine, Mercury and Axos. In online savings, digital banks such as Ally, Axos and SoFi. Its 10-K also names community banks, credit unions, marketplace lenders and fintech lenders. ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm), [Valley National Bancorp](https://www.valley.com/content/dam/valley/pdfs/bluevine/Accelerating%20Valleys%20National%20Digital%20Banking%20Franchise.pdf), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260520511817/en), [earnings call transcript (The Motley Fool)](https://fool.com/earnings/call-transcripts/2026/07/21/ally-ally-q2-2026-earnings-call-transcript), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm))

### Is Huntington a competitor of Live Oak?

Yes, and a partner. Huntington made $1.86 billion of SBA 7(a) loans in fiscal 2025 against Live Oak's $2.85 billion, and Casca's CEO calls the two the number-one and number-two 7(a) lenders. Both invested in Casca in August 2025 and co-designed its AI origination platform, which Huntington planned to deploy in SBA lending in 2026. ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [American Banker](https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending), [American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending))

### Is Newtek a competitor of Live Oak?

Yes. NewtekOne's Newtek Bank is a branchless national bank that lends to small businesses online; it originated $767.8 million of SBA 7(a) loans in 2025 and launched business checking in December 2023, passing $1.4 billion of deposits. Live Oak also sells SBA loans and online business checking nationally without branches. ([NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [Live Oak Bank](https://www.liveoak.bank/business-checking/))

### What are alternatives to Live Oak for a small business loan?

Other large SBA 7(a) lenders such as Huntington, U.S. Bank, M&T and Newtek; community banks and credit unions, which make up most 7(a) lenders; and fintech lenders such as Bluevine for lines of credit. Live Oak's Express program targets SBA loans under $350,000, with a goal of seven to ten days from application to funding. ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [NewtekOne (SEC filing)](https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm), [Bluevine](https://www.bluevine.com/newsroom/bluevine-raises-102m-series-f), [American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending))

### Is Bluevine a competitor of Live Oak?

In small business banking, yes by category. Bluevine offers lines of credit issued by Celtic Bank and business checking, with $2.1 billion of deposits from 175,000 active customers at June 30, 2026. Live Oak's 10-K names fintech lenders among its competitors. Valley National agreed to buy Bluevine in September 2026. ([Bluevine](https://www.bluevine.com/newsroom/bluevine-raises-102m-series-f), [Valley National Bancorp](https://www.valley.com/content/dam/valley/pdfs/bluevine/Accelerating%20Valleys%20National%20Digital%20Banking%20Franchise.pdf), [Bluevine](https://www.bluevine.com/newsroom/valley-national-bancorp-bluevine-reach-acquisition-agreement), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm))

### Live Oak vs Mercury for business checking?

Both sell business accounts opened online with no branches. Live Oak's checking accounts connect with QuickBooks and offer ACH and wires; it lends to the same businesses through SBA programs. Mercury serves more than 300,000 customers, launched an AI assistant called Command in June 2026 and holds OCC conditional approval for a bank charter. ([Live Oak Bank](https://www.liveoak.bank/business-checking/), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260520511817/en), [Mercury](https://mercury.com/blog/introducing-mercury-command), [Mercury via Business Wire](https://www.businesswire.com/news/home/20260427949683/en/Mercury-Receives-OCC-Conditional-Approval-to-Establish-Mercury-Bank-N.A))

### Who competes with Live Oak for deposits?

Online banks and funds. Live Oak's 2025 deposits were mostly savings (average $6.31 billion) and CDs ($5.43 billion), and its 10-K lists money market and mutual funds among deposit competitors. Ally reported 3.6 million deposit customers in Q2 2026, and Axos bought about $2.3 billion of Jenius Bank deposits in May 2026. ([Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm), [earnings call transcript (The Motley Fool)](https://fool.com/earnings/call-transcripts/2026/07/21/ally-ally-q2-2026-earnings-call-transcript), [SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1299709/000129970926000038/ax-20260502.htm))

### Do Live Oak's competitors use AI in small business lending too?

Several do. Huntington co-designed the same Casca platform and planned to deploy it in SBA lending in 2026, and Celtic Bank signed with Casca in April 2026. Customers Bank piloted closing selected commercial loans in seven days with multi-agent underwriting, and Bluevine runs automated underwriting for its lines of credit. Live Oak's 10-K warns that nothing prevents rivals from licensing a similar platform. ([American Banker](https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending), [American Banker](https://www.americanbanker.com/news/how-ai-is-quickly-overhauling-one-segment-of-sba-lending), [Customers Bancorp (Business Wire via Morningstar)](https://morningstar.com/news/business-wire/20260723160284/customers-bancorp-reports-results-for-second-quarter-2026), [Valley National Bancorp](https://www.valley.com/content/dam/valley/pdfs/bluevine/Accelerating%20Valleys%20National%20Digital%20Banking%20Franchise.pdf), [Live Oak Bancshares (SEC filing)](https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm))

### How big is the SBA 7(a) market Live Oak competes in?

SBA 7(a) lending rose 20% to a record $37.3 billion in fiscal 2025, which ended September 30, 2025, and the average loan grew to $477,600. Live Oak's $2.85 billion made it the largest lender by dollar volume, with an average loan above $1.25 million; small-dollar loans of $350,000 or less had grown to about $300 million to $350 million a year. ([American Banker](https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes), [Live Oak Bancshares (GlobeNewswire via FT Markets)](https://markets.ft.com/data/announce/full?dockey=1330-9540756en-7681T2BDT02VJAADTDJ7RT964H))

## Peers on this site

- [Customers Bancorp AI strategy](https://www.bankingnewsai.com/banks/customers) · [vs peers](https://www.bankingnewsai.com/banks/customers/vs-peers)
- [Axos Financial AI strategy](https://www.bankingnewsai.com/banks/axos) · [vs peers](https://www.bankingnewsai.com/banks/axos/vs-peers)
- [Huntington Bancshares AI strategy](https://www.bankingnewsai.com/banks/huntington) · [vs peers](https://www.bankingnewsai.com/banks/huntington/vs-peers)
- [The Bancorp, Inc. AI strategy](https://www.bankingnewsai.com/banks/the-bancorp) · [vs peers](https://www.bankingnewsai.com/banks/the-bancorp/vs-peers)
- [ServisFirst Bancshares AI strategy](https://www.bankingnewsai.com/banks/servisfirst) · [vs peers](https://www.bankingnewsai.com/banks/servisfirst/vs-peers)
- [SoFi Technologies AI strategy](https://www.bankingnewsai.com/banks/sofi) · [vs peers](https://www.bankingnewsai.com/banks/sofi/vs-peers)
- [Enterprise Financial Services Corp AI strategy](https://www.bankingnewsai.com/banks/enterprise-bank) · [vs peers](https://www.bankingnewsai.com/banks/enterprise-bank/vs-peers)
- [Merchants Bancorp AI strategy](https://www.bankingnewsai.com/banks/merchants-indiana) · [vs peers](https://www.bankingnewsai.com/banks/merchants-indiana/vs-peers)

## Sources

1. Live Oak Bancshares, Inc. Form 10-K for the fiscal year ended December 31, 2025 — Live Oak Bancshares (SEC filing), Feb 27, 2026. https://www.sec.gov/Archives/edgar/data/1462120/000146212026000020/lob-20251231.htm
2. Live Oak, U.S. Bank among big gainers as SBA lending spikes — American Banker, Oct 10, 2025. https://www.americanbanker.com/news/live-oak-u-s-bank-among-big-gainers-as-sba-lending-spikes
3. Live Oak Bank Leads Nation in SBA 7(a) Lending Activity — Live Oak Bancshares (GlobeNewswire via FT Markets), Oct 6, 2025. https://markets.ft.com/data/announce/full?dockey=1330-9540756en-7681T2BDT02VJAADTDJ7RT964H
4. NewtekOne, Inc. Form 10-K for the fiscal year ended December 31, 2025 — NewtekOne (SEC filing), Mar 10, 2026. https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm
5. Huntington, Live Oak to invest in, deploy gen AI-based lending — American Banker, Aug 19, 2025. https://www.americanbanker.com/news/huntington-live-oak-to-invest-in-deploy-gen-ai-based-lending
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7. Bluevine Raises $102.5 Million To Build Next-Generation Small Business Banking — Bluevine, Nov 19, 2019. https://www.bluevine.com/newsroom/bluevine-raises-102m-series-f
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48. Ally developed AI personas to mirror customer behavior — American Banker, Jun 1, 2026. https://americanbanker.com/news/allys-personas-is-on-of-the-innovation-of-the-year-honorees
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51. SoFi Becomes First National Bank to Go Live with Stablecoin Settlement across Mastercard's Global Payments Network — Business Wire via FT Markets, Sep 22, 2026. https://markets.ft.com/data/announce/full?dockey=600-202609220800BIZWIRE_USPRX____20260922_BW545634-1
52. M&T eschews the temptation of national presence — Banking Dive, Nov 7, 2025. https://www.bankingdive.com/news/mt-bank-ceo-jones-acquisitions-scale-technology/805015/
53. Personal Savings: high-yield savings account (retrieved 2026-10-19) — Live Oak Bank, Oct 19, 2026. https://www.liveoak.bank/personal-savings/
54. Introducing Composer by SoFi: AI-Powered Investing From Idea to Execution — Business Wire via FT Markets, Jun 23, 2026. https://markets.ft.com/data/announce/full?dockey=600-202606230800BIZWIRE_USPRX____20260623_BW095057-1
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56. AI-Native Loan Origination Platform Casca Raises $29 Million to Replace Legacy Lending — Cascading AI (PR Newswire), Aug 19, 2025. https://prnewswire.com/news-releases/ai-native-loan-origination-platform-casca-raises-29-million-to-replace-legacy-lending-302533000.html

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