US challenger bank, NorthOne, is launching its mobile-first small business banking platform, the result of a collaboration with digital-first Radius Bank, as reported on Pymnts.
The companies said their collaboration has enabled the rollout of the NorthOne small business banking solution designed for start-ups and freelancers.
The banking platform is designed for mobile devices and API connectivity, with NorthOne noting that development partner, Treasury Prime, designed that API technology to streamline account opening and management.
Small businesses can sign up for a bank account, insured by the Federal Deposit Insurance Corporation (FDIC), in three minutes, and can customise the platform to add sub-accounts for payroll, large purchases and taxes. The tool comes with a debit card solution and read-only access for small businesses’ accountants, while also providing SMB owners and managers with real-time visibility into revenue and expenses.
“I’ve interviewed hundreds of business owners and I’ve found that many folks aren’t interested in speaking with relationship managers or going into the branch,” says NorthOne CEO Eytan Bensoussan in a statement. “Many of these entrepreneurs are looking for self-service options with features that help them with their finances, rather than get in the way. With API-powered banking, NorthOne empowers business owners to take control of their financial health.”
In another statement, Radius Bank CEO Mike Butler says small businesses often lack the time and resources necessary for more sophisticated financial management. He added that NorthOne “pairs the convenient features and functionality of a checking account with financial tools, decreasing the need for time spent on administrative work and enabling them to manage their businesses seamlessly.”
Last year, the Canada-based company raised $2 million from investors Peter Graham, Tom Williams and Ferst Capital Partners.