Radius Bank and NorthOne Partner to Launch New Best-In-Class Small Business Checking Account

Virtual bank to power challenger bank product to serve American small business and entrepreneurs

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BOSTON – August 27, 2019Radius Bank, a forward-thinking digital bank, today announced its partnership with challenger bank NorthOne, a mobile-first, API-enabled banking platform, available today on iOS through the App Store, serving the unique needs of small businesses, freelancers, and startups. This strategic partnership will make business banking more accessible to new entrepreneurs and change the way small businesses bank.

Founded in 2016, NorthOne bridges the gap between banking and financial management for small businesses, startups, and freelancers – audiences that have historically been underserved by legacy banks. To solve this problem, NorthOne tapped Radius to power its FDIC-insured business checking account and debit card, while utilizing the API technology built by the Bank and its development partner Treasury Prime for digital account opening and account management. 

NorthOne offers banking services with the integrated functionality of a finance department that small and micro businesses traditionally could never afford, including:

  • 3-minute digital account set up
  • Free, customizable sub-accounts for taxes, payroll, big purchases
  • Instant debit card management
  • Read-only access for your accountant or bookkeeper
  • Real-time insights into your revenue and expenses

With NorthOne, businesses can seamlessly manage finances using a simple and intuitive interface, with the platform providing automated bookkeeping, real-time performance analytics, financial report generation, and more. This platform marks a milestone, making NorthOne one of the first challenger banks focused on the small business market to launch in the United States.

“Small businesses are a large, important part of our economy, but the reality is that they often lack time and resources,” said Mike Butler, CEO of Radius Bank. “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.”

“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,” said Eytan Bensoussan, CEO of NorthOne. “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 partnership is the latest in a line of strategic relationships that Radius has built to bring new banking options to the market. White-labeled and co-branded program partnerships with Radius are made possible through the Bank’s innovative Banking-as-a-Service (BaaS) platform, consisting of robust API technology and open banking solutions. Radius has the experience and infrastructure established to quickly bring financial technology partners to market with the flexibility and scalability needed for long-term growth. The Bank looks forward to launching with several more partners in the latter half of 2019.      

To learn more about the NorthOne account, visit: www.northone.com.

To learn more about Radius’ innovative approach to building strategic partnerships, visit www.radiusbank.com/company/partnerships/

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About Radius Bank

With assets of approximately $1.4 billion, Radius Bank is a forward-thinking digital bank committed to providing a full complement of accounts and services to meet the banking needs of consumers and businesses nationwide. Radius provides the product depth of a national brand, the technology of a fintech, and the personalized attention typically reserved for a local bank to consumers, small and middle market businesses, unions, government entities and non-profit organizations. The Bank’s award-winning digital banking platform allows consumer clients to bank from anywhere with a computer or mobile device and provides convenient features such as check deposit, bill pay, card management, and a personal financial management dashboard. Business clients enjoy a wide array of award-winning deposit products, advanced treasury management services, and loan and payment solutions.  In addition, Radius’ suite of open APIs deliver a robust banking-as-a-service (Baas) platform for fintechs to quickly access core banking features and build best-in-class financial solutions. Radius specializes in partnering with forward-thinking fintechs to provide white-label deposit products, cards, digital onboarding, and account management.  Radius Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, visit the Bank’s website at radiusbank.com, or follow the Bank on Twitter, LinkedIn, Facebook, and Instagram. 

About NorthOne

Founded in 2016, NorthOne is a mobile-first, API-enabled banking platform that serves the unique needs of small businesses, freelancers, and startups. The company is venture-backed by investors including Redpoint Ventures. NorthOne is available on iOS through the App Store. For more information on NorthOne, go to www.northone.com