NorthOne serves the customers such as construction workers, barbers, mechanics and restaurant owners. Credit: Jason Leung on Unsplash.

US-based fintech firm NorthOne has raised $67m in a Series B funding round to offer banking services and financial management solutions to small businesses.

Investors including Battery Ventures, Don Griffith, Drew Brees, Ferst Capital Partners, FinTLV, Next Play Capital, Operator Stack, Redpoint Ventures, Tencent and Tom Williams have backed the New York-based startup.

With the latest investment, NorthOne has raised $90.3m in funding since its launch in 2016.

NorthOne, which was founded by Eytan Bensoussan and Justin Adler, caters to small businesses ranging from construction workers to barbers, mechanics to restaurant owners.

The fintech will use the proceeds to launch new working capital and credit products, as well as a faster payment solution for entrepreneurs.

The funding will also be used to expand the integrations NorthOne already offers.

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NorthOne co-founder and COO Justin Adler added: “We founded NorthOne to solve big problems for small businesses. 50% of small businesses in America fail over a five-year time horizon, and the majority of those failures are due to financial mismanagement and a lack of financial systems and controls.

“Our team is proud to be able to de-risk entrepreneurship and make starting and running a successful small business accessible to anyone.”

NorthOne is not a bank; it offers banking services in partnership with The Bancorp Bank, a member of Federal Deposit Insurance Corporation.

In March 2020, the fintech raised $21m in its Series A funding round led by Battery Ventures.