← Embedded Finance Index 2026

NorthOne

“Can a BaaS-powered SMB neobank become the complete financial operating system for Main Street small businesses — combining banking, lending, bill payments, and accounting integrations in a single app?”

Founded2016
HQNew York, NY, USA
FoundersEytan Bensoussan, Justin Adler
Total raised$90.3M
Latest roundSeries B, October 2022
IndustryFintech / SMB banking
The story

Founded in 2016 as a Toronto-based digital challenger bank for underserved small business owners — plumbers, barbers, truckers — not Silicon Valley startups. Relocated to New York and raised institutional capital as COVID accelerated digital banking adoption among SMBs. Built on a BaaS stack (Bancorp Bank + Galileo) rather than seeking a bank charter, allowing faster iteration. Added embedded lending via Kanmon, a Revenue Dashboard powered by Plaid connectivity, AI-powered bill payments, and high-yield checking to evolve from a pure checking account into a broader SMB financial operating system.

Last 12 months
2024-09
2023-06
Product timeline
2016
Founded in Toronto by Eytan Bensoussan and Justin Adler, targeting small business owners such as barbers, mechanics, and restaurant owners.· banking
2020
Raised $21M Series A led by Battery Ventures; moved headquarters from Toronto to New York City.· banking
2021
Announced partnership with The Bancorp Bank, N.A. and Galileo Financial Technologies to power core banking infrastructure and card issuing.· banking
2022
Raised $67M Series B and doubled down on SMB-focused digital banking amid fintech pullback.· banking
2023
Integrated with Plaid to enable small businesses to link external financial accounts for improved cash flow management.· banking
2023
Launched North One Lending powered by Kanmon, offering Business Line of Credit and Business Term Loan up to $250K.· lending
2024
Launched Bill Payments Hub with AI-powered invoice extraction; added high-yield Business Checking at 3.00% APY.· banking
The stack
6 layers disclosed in NorthOne’s embedded-finance stack
Banking / BaaS
The Bancorp Bank, N.A. (sponsor bank)
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting
in the full report
Accounting gap: minor
10 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.