NorthOne

NorthOne

Fintech platform for small-business financial management

Overview

NorthOne provides a digital platform for small businesses and freelancers to manage budgeting, payments, and deposits in one place. Users access banking services through the NorthOne app—including ACH transfers, mobile check deposits, and debit card management—with the underlying financial accounts held by a partner bank. Unlike traditional banks with complex fee structures, NorthOne uses a subscription model that charges a flat monthly fee for all its services. The company's goal is to simplify financial management for independent workers by automating business expenses and providing instant access to deposits.

Significant Headcount Growth

About NorthOne

Simplify's Rating
Why NorthOne is rated
C-
Rated C on Competitive Edge
Rated C on Growth Potential
Rated D+ on Differentiation

Industries

Enterprise Software

Fintech

Financial Services

Company Size

11-50

Company Stage

Series B

Total Funding

$90.5M

Headquarters

New York City, New York

Founded

2016

Simplify Jobs

Simplify's Take

What believers are saying

  • 3.00% APY on business checking with no minimum balance attracts yield-seeking small business depositors.[1]
  • Plaid integration enables complex treasury functions and overdraft avoidance for underserved SMB segment.[1]
  • Optional $20/month Plus Plan captures premium users seeking advanced features beyond base $10 tier.[1]

What critics are saying

  • Bluevine's 4.25% APY directly undercuts NorthOne's 3.00%, driving customer migration within 6-12 months.[1]
  • Lili's zero-fee model erodes NorthOne's freelancer base, eliminating $10/month subscription revenue stream.[1]
  • The Bancorp Bank partnership termination would strand deposit base and eliminate banking services overnight.[1]

What makes NorthOne unique

  • Envelope budgeting feature allocates funds for taxes, payroll, rent, avoiding overspending before tax season.[2]
  • Real-Time Payments network integration enables instant 24/7 fund receipt, competitive advantage for cash flow.[1]
  • Mobile-first design with seamless integrations to QuickBooks, Shopify, PayPal, Stripe, Square, Amazon.[5]

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Funding

Total Funding

$90.5M

Above

Industry Average

Funded Over

4 Rounds

Notable Investors:
Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$45M
Linktree
$65M
Substack
$67M
NorthOne
$100M
ClickUp

Benefits

Health Insurance

Dental Insurance

Remote Work Options

Professional Development Budget

Unlimited Paid Time Off

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

15%

2 year growth

15%
RealEstatePressReleases
Nov 24th, 2023
Nimblechapps and NorthOne Inc. join forces to Launch Innovative Concrete Calculator App

Nimblechapps & NorthOne unite to launch a revolutionary Concrete Calculator App, transforming project estimation in the construction industry.

The Paypers
Jul 10th, 2023
NorthOne partners with Plaid

NorthOne partners with Plaid.

PYMNTS
Jul 5th, 2023
Northone Integrates With Plaid For Enhanced Cash Flow Controls

Business banking app NorthOne has integrated with Plaid to provide customers with better cash flow controls.The integration lets small businesses that use NorthOne link their financial accounts through Plaid for better transfer capabilities, according to a Wednesday (July 5) press release. This will help businesses escape overdraft fees and carry out more complex treasury functions.“Our customers have been asking us for faster ways to move money into their NorthOne accounts,” said NorthOne Co-founder and CEO Eytan Bensoussan in the release. “By integrating with Plaid, we’ve found a partner that helps us offer them a more transparent, seamless experience.”Many small- to medium-sized businesses (SMBs) fail due to a lack of financial systems and controls, a tide that can be turned by fostering healthier cash flow, per the release.“NorthOne has heard from its customers that they are frustrated by hidden fees, transfer delays and disconnected services that make it difficult to accurately understand their financial situation and move money,” the release said.The integration is happening as many SMB owners are suffering due to inefficient expense management, as Chris Trainor, head of product at Paymentus, said in an interview with PYMNTS in June.Many of these firms are run by people who are consumers themselves, facing a level of complexity that goes beyond managing their personal budgets.These owners don’t have “complete control over their finances and expenses,” Trainor told PYMNTS, “which leads to negative situations related to cash flow and profitability.”He added that SMB owners typically don’t have accounting, bookkeeping and software backgrounds, and thus may not be getting the most out of their digital tools. Many still use analog tools, making and receiving payments with paper checks.Trainor noted that automation can ease the burden of expense management for smaller owners.Plaid’s integration with NorthOne follows the FinTech’s debut last month of a new hosted experience for its Plaid Link product, designed to make it easier for lenders to gain access to real-time cash flow data.The on-demand experience lets lenders access consumer-permissioned cash flow data via Plaid during the underwriting process, so they can determine whether an applicant’s cash flow is sufficient to qualify them for a loan or credit product

Cision
Jul 5th, 2023
Northone Partners With Plaid To Give Small Business More Control Over

NEW YORK, NY (PRWEB). July 05, 2023. NorthOne, a leading small business banking app, today announced its integration with Plaid to enhance cash flow controls for NorthOne customers. Small businesses using NorthOne can now link all their financial accounts safely and securely through Plaid for improved transfer capabilities, helping avoid overdraft fees and enabling more complex treasury functions

PYMNTS
Jul 5th, 2023
NorthOne Integrates With Plaid for Enhanced Cash Flow Controls

Business banking app NorthOne has integrated with Plaid to provide customers with better cash flow controls.

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