NorthOne Taps Radius Bank For SMB Mobile Banking

U.S. challenger bank NorthOne has announced the launch of its mobile-first small business banking platform, the result of a collaboration with digital-first Radius Bank.

In a press release on Tuesday (Aug. 27), the companies said their collaboration has enabled the rollout of the NorthOne small business banking solution designed for SMBs, startups 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 an FDIC-insured bank account in three minutes, and can customize 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,” said 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 said 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 cutting-edge financial tools, decreasing the need for time spent on administrative work and enabling them to manage their businesses seamlessly.”

Earlier this year, NorthOne’s Bensoussan told PYMNTS in an interview that the company’s mission “is to eliminate financial admin from the lives of small business owners. Our team has torn apart the small business banking playbook and created our own digital banking platform and operating model from the ground up.”

Last year, the Canada-based company raised $2 million from investors Peter Graham, Tom Williams and Ferst Capital Partners.