1. News
October 14, 2022

NorthOne gets $67m funding to expand business banking and financial management platform

The new financing round, which saw participation from new and existing investors, will allow the company to continue enhancing the standard of products and services

NorthOne, a US-based financial technology company, has secured $67m in Series B funding to expand the business banking and financial management platform to all sectors of the small business community.

Established in 2016, NorthOne is a mobile app and web banking product that provides financial tools to more than 320,000 small businesses across America.

The new financing round, which saw participation from new and existing investors, will allow the company to continue enhancing the standard of products and services these owners should anticipate from their banking partners.

The businesses, ranging from construction workers to barbers, mechanics to restaurant owners, comprise the majority of the country’s 33 million small businesses, said the company.

NorthOne co-founder and CEO Eytan Bensoussan 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.”

The new funding brings NorthOne’s fundraising total to $90.3m raised since its inception.

It will also allow the company to develop new working capital and credit products and expedite payment solutions for entrepreneurs.

NorthOne co-founder and COO Justin Adler said: “We founded NorthOne to solve big problems for small businesses. 50% of small businesses in America fail over a five-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.”