NorthOne
NorthOne is a neobank based in the United States focused on providing an alternative banking solution for small businesses, startups, and freelancers. The company is headquartered in New York, NY, and is a licensed and FDIC insured bank.
NorthOne is partnered with Radius Bank and MasterCard for its banking services with the company providing all of the digital interface.
History[edit]
NorthOne was founded in 2016 by Eytan Bensoussan (CEO) and Justin Adler (COO). The company went into beta in 2017 and launched publicly in June 2019[1].
FDIC[edit]
NorthOne Bank accounts are insured under the FDIC, and are insured under the maximum standard deposit amount of $250,000. Accounts are managed and owned under FDIC. Accountants are managed through Radius Bank.
Response to the COVID-19 Pandemic[edit]
- On March 25th - NorthOne waived fees for those in the most heavily affected states and industries.[2]
- NorthOne worked in partnership with Radius Bank and Cross River Bank to get Payroll Protection Program Loans to both existing and new customers. The company has facilitated $130,105,190 in loans to date.
Business Model[edit]
In contrast to traditional banks, NorthOne has no physical branches. Account-holders are issued Mastercard debit cards and have access to an online banking system accessible through desktop or via the mobile app for Android or iOS for a flat rate of $10 a month[3].
Product Features[edit]
- NorthOne focuses on offering bank accounts to small businesses, entrepreneurs, and freelancers.
- Accounts include unlimited payments, & transfers, check deposits, in-app invoicing, and subaccounts.
- Account holders can also deposit and withdraw cash at Over 300,000 NorthOne-network ATMs
- Current eligibility requirements restrict NorthOne accounts to U.S. citizens, permanent residents, and temporary residents with select visa types.
Funding Rounds[edit]
- Seed Round: This round was led by investors including angel investor Peter Graham, BetterCompany founder Tom Williams, and returning investor Ferst Capital Partners. The company originally launched as Ferst Digital after Ferst Capital, which invested in the company and housed CEO Eytan Bensoussan as entrepreneur-in-residence. It rebranded as NorthOne in fall 2017.
- Series A: The Series A was led by Shiran Shalev from Battery Ventures, while Redpoint Ventures and angel investor Tom Williams also participated. Proceeds from the round will be put toward creating a customer acquisition strategy and growing the startup’s team. The funding brings NorthOne’s total funding to date to $23.3 million USD.
References[edit]
- ↑ "Radius Bank and NorthOne Partner to Launch New Best-In-Class Small Business Checking Account". Radius Bank. 2019-08-27. Retrieved 2020-11-02.
- ↑ "Digital Banking Challenger NorthOne to Waive Account Fees for Customers Most Affected by the Coronavirus". Crowdfund Insider. 2020-03-25. Retrieved 2020-11-09.
- ↑ "NorthOne - Business Banking". NorthOne. Retrieved 2020-11-09.
NorthOne[edit]
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