NorthOne is a New York-based challenger bank founded in 2016 that provides digital banking and financial tools tailored to small business owners such as barbers, mechanics and local restaurants. Its product roadmap extends beyond deposits to connect the data layer between accounting, receivables, payables, lending, payroll and the bank account ledger. The company replatformed onto The Bancorp Bank in 2021 and accepts cash deposits through partners like Walmart, 7‑11 and OfficeMax. Over the last 12 months NorthOne reported revenue growth of roughly 4x–5x, with customer growth in line with revenue; the majority of its customers have fewer than 10 employees. It has about 75 employees and says it will add staff programmatically as it builds new software layers and products. NorthOne markets through in-person events and partnerships (e.g., Profit First) in addition to online leads. NorthOne operates a mobile-first banking platform that connects to the financial tools companies use, provides insight into business financial health, and automates management tasks. The platform was launched in August in partnership with Boston-based Radius Bank and delivers banking functionalities such as wires, mobile check deposit, and cash deposits through its mobile app. NorthOne’s platform is API-enabled, allowing third-party developers to build applications and services around the product. The company says the idea originated in 2016 to act as the finance department small businesses might not otherwise be able to afford. NorthOne has offices in Toronto, Boston, and New York. Proceeds from the recent round will be used to develop a customer acquisition strategy and grow the team. NorthOne is building a mobile-first, API-enabled banking platform that provides bank accounts and a mobile app for small businesses, startups and freelancers. The product connects to existing financial management tools, offers real-time visibility into financial health and automates time-consuming financial tasks. More than 3,000 businesses had signed up for NorthOne accounts ahead of the platform’s launch. The company planned a late-2018 launch and intended to use new capital to finish development. NorthOne planned to expand its team from 5 to 15 employees using the seed proceeds. The company is led by co-founder and CEO Eytan Bensoussan and is based in Toronto, Canada.

Total raised

$90M

Funding rounds

3

Latest round

Series B

Latest activity

Oct 2022