Big Banks leave Small Business Behind – NorthOne is on a Mission to Change That
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NorthOne launched in the summer of 2019. Since that time over 170,000 small businesses and freelancers have signed up for NorthOne. The company is on a mission to change the way Americans think about — and use — their bank. Below we break down what we are trying to do and why it matters.
What is NorthOne’s mission?
Our mission is to remove the barriers to success for small businesses in America. We’re doing this through by building a fundamentally smarter and easier to use business bank account. That allows freelancers and small business owners to spend less time worrying about banking and more time doing their actual jobs.
Small businesses contribute nearly half of the GDP. Over half of the employment in America comes from small businesses. We’re trying to make life easier for the people who make America run.
If the mission fails, small businesses will continue to be left behind
Eighty percent of small businesses fail because of poor financial management. It’s not because those people are bad at their profession. But being a small business owner — having a trucking company, owning a restaurant, or designing graphics — doesn’t immediately make you an expert at balancing your books.
For a lot of people, banks — at best — have been just another place to store your money. Slightly safer than putting cash into your mattress but the same basic principle.
For others, big banks have felt like an enemy. They’ve fostered a culture of hidden fees, confusing practices, and general indifference to the daily problems small business owners. This has contributed to many small businesses being left behind or failing entirely.
But understanding your finances doesn’t have to be difficult. And your bank should be your business co-pilot, not something to be afraid of.
The NorthOne mission has to succeed. We won’t stand to see millions of small businesses get left behind because big banks fostered a culture that ignores them. We are here to help small businesses and real working people.
How do we do this? Before creating NorthOne Business Banking we spoke to hundreds of small businesses about what they would want from their bank. Since launch we’re in constant communication with our customers about how to make the product better, integrating the apps they already use to NorthOne, creating features that reflect how they do business, and making sure to evolve with their needs. It comes from a deep-seated respect for our customers and their businesses.
What NorthOne means for the future of banking
When starting NorthOne co-founders Eytan Bensoussan and Justin Adler recognized that innovations in banking weren’t moving at the same pace as small businesses. We also knew that very soon banking would be a digital-first experience, something on par with the other apps people are accustomed to using in their day-to-day lives. They created NorthOne looking towards the future of small businesses in America. We want to help small businesses get to that future.