Consumers have dozens of fintech options when it comes to bank accounts. In the small business space, there are fewer options but recently better choices are emerging. Some fintech companies have thought deeply about small business and have created bank accounts with options tailored just for the small business owner.
My next guest on the Fintech One-on-One Podcast is Eytan Bensoussan, the CEO and Founder of NorthOne. Eytan never intended to create a fintech bank account for small businesses but after talking with a hundred or more small business owners it became clear this was still a major pain point.
In this podcast you will learn:
- How interviews with a hundred small business owners led to the founding of NorthOne.
- Why it became obvious that a new kind of bank account was what was needed.
- Why they took several years to develop the product.
- Profile of the typical small businesses that are attracted to NorthOne.
- How they reach these small business owners.
- What small business owners actually want from a bank account.
- How can they profitably serve this market.
- Why they eliminated overdraft and NSF fees.
- Their relationship with their bank partner, the Bancorp Bank.
- How important open banking is to what they are doing.
- What types of data are they connecting to.
- The scale they are at today and where their people are located.
- Eytan's thoughts on getting their own banking license.
- What it was like raising equity capital in 2022.
- Where they are on their path to profitably.
- What he is excited about for 2023.
Connect with Eytan on LinkedIn
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