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The release reads:
NORTHONE PARTNERS WITH THE BANCORP BANK AND GALILEO TO OFFER BANKING PLATFORM FOR SMALL BUSINESSES
NorthOne joins other top FinTechs in partnership with The Bancorp Bank
NorthOne, the FinTech that built one of the country’s leading banking apps for small businesses, today announced that it has partnered with The Bancorp Bank, Member FDIC, to provide banking services to NorthOne’s fast growing customer base, and Galileo Technologies to deliver more processing services to new and existing NorthOne customers. What The Bancorp Bank’s other consumer FinTech partners have done for American individuals, NorthOne will now be able to do for small business owners by joining forces with one of the top banking and technical infrastructure partners in the financial industry.
NorthOne is a financial technology provider, not a bank. Banking services are provided by The Bancorp Bank, Member FDIC.
“We’re assembling the best of everything for our small business customers,” says NorthOne CEO and co-founder Eytan Bensoussan. “We have the team, the research insights, the platform and customer experience, and now we have the absolute best infrastructure and bank partners in the world. We’re so determined to build the primary banking platform that small businesses deserve – it’s our privilege and opportunity to serve them – and now we’re set up for incredible scale.”
Small business owners today make up 99.7% of the U.S. employer firms and 64% of new private sector jobs, yet are historically underserved and forgotten by traditional banks. NorthOne’s infrastructure changes were made first and foremost with their customers’ feedback in mind, with the goal of making their banking experience simple. The challenger banking app has removed complexities by eliminating non-sufficient funds (NSF) and overdraft fees, further reducing processing times compared to other challenger banking apps, and is set up to offer a full suite of transaction methods with limits engineered to allow a small business to use their NorthOne Account as their primary bank account.
Through its partnership with The Bancorp Bank, Member FDIC, current and new NorthOne customers will now have access to updated account features, including:
- Deposit funds from checks¹ through the NorthOne mobile app with the ability to access funds in minutes, any time of day
- No NSF fees, overdraft fees, or fees for ACH payments or direct deposits from popular point of sale providers like Stripe or Square
- Withdraw cash at more than two million Cirrus ATMs worldwide with no additional fees charged by NorthOne2
- Transfer cash to a NorthOne Account at nearly 100,000 Green Dot® locations nationwide3
- Budget and plan for important expenses like taxes, payroll, and rent with NorthOne Account Envelopes
- Powerful invoicing features with the ability to send a professional invoice in moments
- NorthOne’s mobile and web banking app that helps small business owners make payments and keep track of their company’s finances
“Small business owners today are under extreme pressure and stress to manage and grow their companies,” said Steve Turza, Director Business Development at The Bancorp Bank. “Through our partnership, NorthOne has the ability to scale their platform and help small business owners save time, budget and plan their finances, and run their business with confidence.”
Small business owners can get a NorthOne Account for just $10 a month. Apply for an account today at www.northone.com.
About NorthOne
NorthOne is a FinTech that provides American small businesses with a powerfully simple way to do their banking through NorthOne’s Mobile App and website. Launched in 2019, NorthOne serves more than 190,000 small businesses across the U.S. and is backed by Battery Ventures, Redpoint Ventures, and Tom Williams. The company’s headquarters are in New York with additional offices in San Francisco and Toronto. To learn more, visit www.northone.com. Banking services for the NorthOne Account are provided by The Bancorp Bank, Member FDIC.
---1Ingo™ Money is a service provided by Ingo Money, Inc. and First Century Bank, National Association, Member FDIC, subject to Ingo Money and First Century Bank Terms & Conditions and Privacy Policy. Approval review usually takes 3-5 minutes, but may take up to one hour. All checks are subject to approval for funding in Ingo Money’s sole discretion. Unapproved checks will not be loaded to your card. Ingo Money reserves the right to recover funds from bad checks if you knew the check was bad when you submitted it, if you attempt to cash or deposit it elsewhere after funding or if you otherwise act illegally or fraudulently. Fees may apply for loading or use of your card. See your Deposit Account Agreement for details.
2Additional ATM fees may be charged by 3rd party ATMs or ATM owner.
3When you deposit cash, the funds are transferred by a third party to the bank holding your NorthOne Account. The funds will be FDIC insured once the bank holding your account receives the funds from the third party.
