NorthOne Inc., the operator of a popular banking service for small and midsized businesses, today disclosed that it has secured a new $67 million funding round.

The Series B round included the participation of Redpoint Ventures and Battery Ventures, as well as several other institutional investors. A number of angel investors contributed as well. New York-based NorthOne previously closed a $21 million funding round in 2020.

The startup reportedly closed its latest investment at a higher valuation than the funding round it announced in 2020. NorthOne didn’t disclose the valuation, but detailed that it has quadrupled its revenues over the past 12 months. 

NorthOne’s namesake banking service enables small and midsized businesses to create deposit accounts. The startup provides a mobile app that makes it possible to carry out account management tasks via a centralized interface. Through the app, users can deposit proceeds from sales as well as make payments to suppliers.

NorthOne offers a feature called Envelopes to ease budgeting for businesses. According to the startup, the feature enables users to specify what percentage of revenues should be invested in what area. It can then automatically calculate a budget based on a company’s latest revenue data.

The company also enables customers to issue corporate payment cards. It says companies can use payment cards powered by its platform to help workers more easily process expenses.

“As our customers grow, their problems evolve beyond the bank account,” said NorthOne co-founder and Chief Executive Officer Eytan Bensoussan. “By connecting the data layer between accounting, receivables, payables, lending, payroll — all the financial operations — and the bank account ledger, we can provide a transformative offering that’s always felt out of reach for our customers: a world-class finance department built for their business.”

Since launching its platform in 2019, NorthOne has amassed an installed base of more than 320,000 businesses. It plans to expand its market reach by rolling out new financial technology services that will make it easier for businesses to access working capital. It will also implement more integrations with external software products.

NorthOne is one of several recently funded startups with financial technology platforms geared towards businesses. Juni Technology AB, the operator of a banking service for online retailers, secured a $100 million Series B funding round in June along with a $106 million line of credit. Earlier, Australia-based Zeller raised $72.7 million to expand the adoption of its namesake banking platform for small and midsized businesses.

Image: NorthOne