Enhanced transparency and connectivity between accounts helps small businesses avoid overdraft fees and achieve greater money mobility ahead of slowing economy

NEW YORK — June 12th, 2023 — North One, a leading small business banking app, today announced its integration with Plaid to enhance cash flow controls for North One customers. Small businesses using North One can now link all their financial accounts safely and securely through Plaid for improved transfer capabilities, helping avoid overdraft fees and enabling more complex treasury functions.

North One is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC.

“Our customers have been asking us for faster ways to move money into their North One Accounts,” said Eytan Bensoussan, co-founder and CEO of North One. “By integrating with Plaid, we’ve found a partner that helps us offer them a more transparent, seamless experience.”

Small businesses are the lifeblood of the American economy, and yet half of them fail within their first five years. This is largely due to financial mismanagement and a lack of financial systems and controls. The key to reversing this trend is facilitating healthier cash flow, especially in a slowing macroeconomic environment.

North One has heard from its customers that they are frustrated by hidden fees, transfer delays, and disconnected services that make it difficult to accurately understand their financial situation and move money. By leveraging Plaid’s Auth, Identity, and Balance solutions, small business owners can now directly connect North One to their other financial apps and services, allowing them to seamlessly transfer funds between accounts.

At the same time, North One has the visibility it needs to protect small business owners from expensive non-sufficient funds (NSF) and overdraft fees. By verifying account balances before initiating transfers, North One knows if a customer’s available funds are enough to cover the payment and can alert them before incurring a potential fee. 

In addition to transparent balance information, North One will also leverage the Plaid partnership to verify customers’ identities, instantly link bank accounts, and facilitate better ACH transfers between accounts. Together with North One’s recent real-time payment launch, these new cash flow controls serve as the cornerstone of North One’s vision for a comprehensive financial management platform that frees owners up to focus on their core business.

To learn more about North One, please visit North One.com

About North One

North One is a mobile app and web banking product delivering powerfully simple financial tools to small businesses across America. Founded in 2016 by Eytan Bensoussan and Justin Adler, North One’s network of investors includes Battery Ventures, Don Griffith, Drew Brees, Ferst Capital Partners, FinTLV, Next Play Capital, Operator Stack, Redpoint Ventures, Ruby Ventures, Tencent, and Tom Williams. The company’s headquarters are located in New York City with satellite offices in San Francisco, Portland, and Toronto. To learn more, visit northone.com. North One is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC.