New York, the U.S.A-based provider of a mobile app and web banking product, NorthOne, raised USD 67 million in Series B funding. The round took place on October 13, 2022. Battery Ventures led the financing for the firm. Meanwhile, Don Griffith, Drew Brees, Ferst Capital Partners, FinTLV, Kaiser Permanente, Next Play Capital, Operator Stack, Redpoint Ventures, Ruby Ventures, Tencent and Tom Williams joined in the investment.
So far, the total funds raised by the company now amount to USD 90.3 million.
Purpose of funding for NorthOne
With the latest financing from Series B, NorthOne intends to expand further the reach of its business banking and financial management platform. It has plans to focus its operations across all sectors of the small business community.
Meanwhile, the company aims to explore and increase integration opportunities. NorthOne aims to build new working capital and credit products, as well as faster and more convenient payment solutions for busy entrepreneurs.
What the co-founder has to say
Eytan Bensoussan, co-founder and CEO, said, “Through an obsessive focus on our customers’ needs, we’ve been able to predictably build a business banking experience that unlocks an incredibly strong product-market fit. As our customers grow, their problems evolve beyond the bank account. By connecting the data layer between accounting, receivables, payables, lending, payroll—all the financial operations—and the bank account ledger, we can provide a transformative offering that’s always felt out of reach for our customers: a world-class finance department built for their business.”
Justin Adler, co-founder and COO, further added, “We founded NorthOne to solve big problems for small businesses. 50% of small businesses in America fail over a 5-year time horizon, and the majority of those failures are due to financial mismanagement and a lack of financial systems and controls. Our team is proud to be able to de-risk entrepreneurship and make starting and running a successful small business accessible to anyone.”
About the company
Eytan Bensoussan and Justin Adler founded NorthOne in 2016. The U.S.A-based company is a financial technology company, not a bank. The company caters to traditional businesses on main streets across America, such as construction workers, barbers, mechanics and restaurant owners. NorthOne intends to be the digital finance department. NorthOne is a mobile app and web banking product. It has successfully delivered powerful, simple financial tools to more than 320,000 small businesses across America.
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