NorthOne, the leading digital challenger bank serving the unique needs of American small businesses, freelancers, and startups – announced it has raised $21 million in its Series A funding led by Battery Ventures. Redpoint Ventures and Tom Williams also took part in the funding round.
The company will utilise the funds raised to expand marketing efforts and speed the growth of its customer acquisition programs. The company will also enable NorthOne to scale its product and software engineering staff, as well as the continued expansion of its customer service team.
“We created NorthOne to serve businesses that are often underserved by big banks,” said Eytan Bensoussan, CEO and co-founder of NorthOne. “Having grown up in a family of small business owners myself, I know first-hand what to expect when it comes to small business banking. With this funding, NorthOne will be able to continue to develop solutions that simplify the most painful part of managing a small business, its finances.”
“At Battery, we’ve closely followed the rise of fintech innovation and challenger banks in Europe. It’s inevitable that similar disruption would hit the U.S. market next—particularly in business banking,” said Shiran Shalev of Battery Ventures, who is joining NorthOne’s board. “We believe NorthOne is well on its way to building a leading challenger bank for SMBs in the U.S., and are excited to partner with management to realize this vision.”
NorthOne has experienced a 128% month over month user growth since late August of 2019. With its continued growth, the company has been trusted by thousands of small businesses across the United States with high user concentrations across the Midwest and Deep South. NorthOne approaches each community uniquely, baking in new products and services customers need most in different markets across the United States.
NorthOne provides small business owners with banking solutions that meet each business’s needs and streamlines one of the most difficult parts of managing a business, its finances.
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