Challenger banks Radius Bank and NorthOne have formed a partnership to support small businesses, freelancers, and startups.
The strategic partnership has a goal of making business banking more accessible to new entrepreneurs and evolve how small businesses bank.
NorthOne is a mobile-first banking and financial management platform for SMEs and freelancers providing them easy access to services such as a government issued bank account, payments, ATM deposits and withdrawal, company debit cards, and mobile check deposits.
The company teamed with Radius to power its FDIC-insured business checking account and debit card, while leveraging the API technology used by Radius and its development partner Treasury Prime for difiral account opening and account management.
Radius Bank CEO Mike Butler said, “Small businesses are a large, important part of our economy, but the reality is that they often lack time and resources.
“Using our technology, we have the ability to power NorthOne, which 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 business seamlessly. We are excited to partner with a talented NorthOne team to strategically serve this market and are confident we will be very successful together.”
Through NorthZone, SMEs can set up a digital account within three minutes, access free, customizable sub-accounts for taxes, payroll, and big purchases, leverage instant debit card management, offer read-only access for accountant and bookkeeping teams, and use real-time insights on revenue and expenses.
NorthOne CEO Eytan Bensoussan said, “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.
“Many of these entrepreneurs are looking for self-serve 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.”
This is one of the latest of partnerships Radius has made this year. The bank recently partnered with InsurTech startup Ladder to provide its personal banking clients access to life insurance policies.
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