NorthOne stops account fees to those impacted by coronavirus

NorthOne, a US-based digital bank focused on small businesses, is dropping the account fees for its customers which have been impacted by COVID-19 (coronavirus).

The bank will now be offering free banking services to all businesses that are in areas which have been significantly impacted by the coronavirus pandemic, according to a report from Crowdfund Insider.

In addition to this, NorthOne is giving free accounts to businesses including restaurants, food services and hospitality companies.

NorthOne co-founder and CEO Eytan Bensoussan told Crowdfund Insider, “Right now it’s essential that we make sure small businesses can get their banking done, no matter where they’re working from. Small business owners across the country are having incredibly hard conversations right now around the kitchen table and desperately trying to figure out how they can keep the lights on through this crisis.”

“The last thing they need to worry about is finding a branch or paying bank fees. Food service and hospitality-focused businesses are being hit the hardest. Many face downsizing or worse. We need to support them. We’re all in this together.”

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.

The bank closed a $21m Series A round at the beginning of the month from investors including Battery Ventures principal Shiran Shalev and Redpoint Ventures.

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