Finances and banking can be complicated for small business owners and freelance workers. Besides regulations and tax guidelines, it can be difficult for them to manage their money while still running their business. Fintech startup NorthOne has been helping small businesses manage their finances with its banking tools and recently secured new capital to expand its products.
Late last week, the NYC-based company announced that it closed a $67 million Series B round. With the new funding, NorthOne plans to develop new capital and credit products. The company will also expand its current line-up of integrations for its platform.
NorthOne was co-founded in 2016 by Eytan Bensoussan and Justin Adler. The fintech company has raised $90.3 million in equity across several rounds, according to Crunchbase.
“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,” Bensoussan, CEO of NorthOne, said in a statement.
The company’s banking platform provides services such as online payments, ATM access, debit cards and checking accounts and aims to help the over 33 million small businesses in the U.S. NorthOne also has several integrations for e-commerce and independent contractor apps like Lyft in order to streamline payment processing and booking keeping, among other services that would otherwise have to be done at a bank.
“Fifty percent 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,” Adler, COO of NorthOne, said in a statement.
