NorthOne has raised $67 million in series B funding from new and existing investors to further develop its business banking and financial management platform.
With this funding, NorthOne has “big plans to be the digital finance department powering every small business in America”.
NorthOne plans to use the series B funding to build new working capital and credit products, as well as faster and more convenient payment solutions for the startups, freelancers and small businesses that use its mobile app and web banking products. It will also continue to expand on the dozens of integrations already offered.
Eytan Bensoussan and Justin Adler founded NorthOne in 2016 to serve small businesses across America, such as barbers, mechanics and restaurants. The fintech currently counts more than 320,000 as clients.
“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,” explained Eytan Bensoussan, co-founder and chief executive officer.
“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.”
Investors in the fintech include Battery Ventures, Tencent and Next Play Capital. The latest fundraising brings NorthOne’s total to $90.3 million since launch.
Headquartered in New York City, NorthOne also has offices in San Francisco, Portland and Toronto.