Challenger bank NorthOne has joined forces with The Bancorp Bank to provide banking services to NorthOne customers, and with Galileo Technologies to bring new and improved processing services to customers, as announced in a press release on Tuesday (May 25).
NorthOne said the partnership with Bancorp will allow customers to deposit checks with the NorthOne mobile app, access funds within minutes, and receive ACH payments and direct deposits without fees. Users can also withdraw cash from Cirrus ATMs around the globe without additional fees from NorthOne, and can transfer cash to NorthOne accounts at Green Dot locations.
The partnership also comes with a number of tools for small businesses, including invoicing features; tax, payroll and rent tools; and mobile and web banking to track finances.
“Small business owners today make up 99.7 percent of the U.S. employer firms and 64 percent of new private-sector jobs, yet are historically underserved and forgotten by traditional banks,” NorthOne said in the news release. “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.”
NorthOne made its debut last March, when it announced it had raised $21 million in a Series A funding round, with its sights set on freelancers, startups and other small businesses. The company offers software integration with accounting, expense and eCommerce tools. Other offerings include customer service teams that speak multiple languages, a network of around 300,000 ATMs and what it refers to as “seamless vendor payments.”
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