Mobile banking app NorthOne has closed a $2m seed round

Digital banking platform NorthOne has closed a $2m Seed round from Peter Graham, Tom Williams, and Ferst Capital Partners.

NorthOne is a mobile-based banking platform for SMBs, startups and freelancers. The mobile app and API-enabled bank account helps connect consumers to a range of financial management tools to help them better understand their financial health.

Its platform can be integrated with other business software already used by the user and can be designed with custom dashboard to ease access of essential information.

The app, which is yet to launch, has already seen over 3,000 businesses sign up for accounts when the product is released.

NorthOne co-founder and CEO Eytan Bensoussan said, “We’re building a banking platform that is designed around the unique needs of small businesses. Our team is focused on creating a banking experience that is designed to save entrepreneurs money, time and stress. We’re talking about hundreds of dollars in savings each month.”

The capital injection will support NorthOne with expanding its team from five to 15, and complete the development of its platform, ahead of its planned launch in late 2018. The pricing of its service will be revealed nearer to launch, but it will be a flat monthly fee, which will include unlimited transactions and 3rd party app integrations.

Tom Williams said, “NorthOne is one of those true platform opportunities. The team’s vision is to be an API-centric bank. There is no major bank that will EVER be able to rebuild their infrastructure to do this effectively.”

Earlier in the week, fellow Canadian company Tango Card bagged a $35m funding round from FTV Capital. The company gives consumers the ability to send and receive e-gift cards, non-profit donations, and prepaid cards.

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