NorthOne is the latest US challenger bank to raise funds this year

Continuing the streak of US challenger banks closing funding in 2020, NorthOne has collected $21m in its Series A round.

The funding was led by Battery Ventures principal Shiran Shalev, with contributions also coming from Redpoint Ventures and Tom Williams.

NorthOne is a mobile-first banking and financial management platform for SMEs and freelancers, enabling them to access services such as a government issued bank account, payments, ATM deposits and withdrawal, company debit cards and mobile check deposits.

Last year, NorthOne and Radius Bank formed a partnership to support small businesses, freelancers and startups. The strategic partnership aims to make bank business banking more accessible to entrepreneurs and change their financial experiences.

Challenger banks in the US have had a great start to 2020. Chime recently raised $200m in additional funding, adding to the $500m Series E it secured at the tail end of last year.

Empower, another US challenger bank, recently bagged £20m in its Series A round from investors including Icon Ventures, Defy Ventures and Nubank founder and CEO David Velez.

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