Essay details:

  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

Text preview of this essay:

This page is a preview - download the full version of this essay above.

Elevator Pitch

NorthOne is Canada's first mobile analytical banking platform designed around the needs of small businesses, freelancers and start-ups. NorthOne is building a banking platform whose very mission is to eliminate poor financial literacy that relate to business failure.NorthOne will track sales, invoices and pay bills as well as display your company's growth on charts. NorthOne charges a monthly subscription rate for this application replacing substantial accounting and bookkeeper fees.


NorthOne delivers a mobile banking application that eliminates complex financial management. By tracking the company's finances, NorthOne will offer changes to the way the business is being run increasing efficiency. They currently have 12 employees and are in the financial position to expand the company. (NorthOne Team, n.d.) NorthOne was incorporated in the mid 2016's prior to releasing their first financial application. Their sales figures are undisclosed however, due to the projected launch date at the end of 2018 this company has not yet reported annual sales.

Industry Size/Structure

    NorthOne's mission is to eliminate the devastating impact that poor financial literacy and financial management has on small business failure rates and costs. Since its launch, NorthOne has secured over 4000 new start-ups to their clientele list. (NorthOne Team, n.d.) Their most recent application that helps Small Medium Business (SMB) operate and run has not been fully released yet and has a launch date of the end of 2018. A competitor to NorthOne is FinTech. FinTech has invested over $566 Million Canadian Dollars into the industry in 2017 alone. (Galang, 2018) Although NorthOne does not have the same industry capital, the CEO Eytan Bensoussan assured his investors that company differentiation will be simple due to the niche space of the industry. (Finextra, 2018)


Similar products to NorthOne's application have been created but not promoted. Small businesses with little money overspend on accountants and financial advisors. A recent study by small business trends reveals that the failure rate of new startups is 90%.(Galang, 2018) CEO Eytan Bensoussan identified the reason why most SMB's do not make it past a year of business is due to some type of financial error or miscalculation in the finances and accounting departments. (Galang, 2018) Bensoussan realized that if he developed a variable software that adapts itself to the numbers that are input, he could help save thousands of start-ups and small businesses while making money. Bensoussan addresses the issue of security, and how his software is virtually unbreachable, “Data breaches have never happened, and our team is constantly working towards keeping it that way.” Investor Tom Williams said  “NorthOne is one of those true platform opportunities. The team's vision is to be an Application Program Interface (API) -centric bank,”. “There is no major bank that will EVER be able to rebuild their infrastructure to do this effectively.” (Finextra, 2018)


The solution to this pain as discussed previously is the creation of API that understands and analyses a company's finances. The API is incorporated into an application that is available on both mobile phones as well as computers. This application which is incredibly intuitive and is designed around the premise of customer usability is dedicated to showing the consumer how to reduce expenses within company. This mobile application is based around how user centric it is along with its relative ease of usability.   

Currently in its beta stage, NorthOne is focused on making every interaction and financial calculations completely seamless, allowing business owners to learn where they are inefficient with their capital and how to change this inefficiency. Bensoussan recognized the opportunity of the 10X rule and applied it to accounting and having a full-time bookkeeper.  To increase the adoption rate of consumers, the 10x Solution can be applied, as changes must be 10 times greater than the current service. NorthOne First Mover advantage is incredibly important in this market due to the plethora of other developers trying to create similar applications. Because North One is the first to adopt this technology in their service, many will feel inclined to try this new application and many are already happy with the outcome.  


NorthOne is a mobile application that tracks and analyses a businesses funds. At the time and date of this start-up summary, NorthOne has the First Mover advantage due to the limited competition within the market. This key competitive advantage allows NorthOne to break into a mobile application market and impact a large group of consumers.  Milestones met to date are securing a $2 million-dollar seed investment that was led by angel investor Peter Graham on May, 31st 2018. The date for this launch is towards the end of 2018, and will update to incorporate all the new Canadian laws and regulations. NorthOne uses the lean successive approximation method when building the product, measuring to see how efficient the product is, and finally learning from these measurements. This process of a lean startup helps NorthOne understand what works and does not work within the product development stage.


With more than 4,000 businesses already signing up for NorthOne accounts ahead of the platform's launch debut, the traction that NorthOne has seen has been monumental for the company. Having 4000 reliable clients before the application has been fully released proves that the Lean Startup method of using a small controlled group of consumers beta test the application and begin to create noise.

This year NorthOne had its first round of investment (seeding) and has developed a business plan in which the company is planning its first team expansion in which they are increasing staff from 5-15. “NorthOne is building something unique,” said Dom Ferst, Managing Partner at Ferst Capital Partners.(Galang, 2018)  Pricing will be announced closer to launch; however, it will be created around a monthly fee which will be subscription based per company. This includes unlimited transactions and 3rd party app integrations allowing the consumers to automatically send funds, receive funds, and make changes to their portfolios. NorthOne has already secured multiple rounds of seeding, as well as becoming one of Canada's first API-enabling financial platform.


The Talent Triangle breaks down the three key areas of a team. These three areas are: Business Acumen (can they run the business), Domain Knowledge (knowledge of their clients), and Operational Experience (the experience they bring into the organization).

Eytan Bensoussan, co founder and CEO: Business Acumen: Eytan is 100% committed to helping small businesses become financially free and self dependent. Eytan was a Sr. Engagement Manager for McKinsey & Company. He served thousands of clients in Financial Services industry, on the topic of digital customer experience and financial inclusion. Eytan has the experience to lead a team and the passion to carry this team forward to its growth stages.

Carter Grieve, Head of growth: Domain knowledge: Mr. Grieve understands in great detail who his customer base is and how to increase growth in the business. Carter has a background in growth marketing, product management and data science. His experience includes working in growth roles at Toronto startups, Figure 1 and Prodigy Game where he learned to grow users from zero to a scalable amount.

Justin Adler, Co-founder and COO: Operational Experience: Before NorthOne Justin was a part the foundational team at Frank & Oak where he grew them from zero to hundreds of thousands of customers. Justin also lead products at SourceKnowledge where he created AdTech solutions used by brands like Trivago, SAP, BMO, Remax and Machine Zone. Justin's work is featured in TechCrunch, Fast Company, VentureBeat, AdAge, and at SXSW Interactive.

...(download the rest of the essay above)

About this essay:

This essay was submitted to us by a student in order to help you with your studies.

If you use part of this page in your own work, you need to provide a citation, as follows:

Essay Sauce, . Available from:< > [Accessed 01.06.20].