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BankUnited Launches “Small Business, Big Dreams” Women in Business Challenge

$10,000 cash prize to be awarded to winner of inaugural pitch contest

MIAMI LAKES, Fla.–(BUSINESS WIRE)–#banking–Women business owners with big dreams are invited to share their story with BankUnited for a chance to win $10,000 to help grow their business. The inaugural BankUnited “Small Business, Big Dreams” Women in Business Challenge is open for entries at https://www.bankunited.com/small-business/small-business-big-dreams-challenge/, and will close Thursday, September 23, 2021, at 11:59 p.m.

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“As champions of small business, we at BankUnited know that small businesses are the heart and backbone of any community,” said Lisa Shim, BankUnited executive vice president, head of consumer and small business banking. “While women business owners drive innovation, they often face particular challenges on their path toward success. Through BankUnited’s ‘Small Business, Big Dreams’ Women in Business Challenge, we hope to elevate women business owners by recognizing their contributions and providing them with tools to turn their dreams into reality.”

The Women in Business Challenge culminates in a live pitch event and business summit during National Women’s Small Business Month in October.

To enter, eligible business owners must complete an application and submit an elevator video pitch of up to three minutes by the contest closing date of September 23. Businesses must be based in Florida or New York, and must be at least 51 percent women-owned. Four finalists will be selected and required to attend the BankUnited “Small Business, Big Dreams” Women in Business Summit on Wednesday, October 27, 2021 in Fort Lauderdale, Fla., where they will have an opportunity to present their case before a panel of judges.

Official contest rules and entry forms are available at https://www.bankunited.com/small-business/small-business-big-dreams-challenge/.

About BankUnited, N.A.

BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, provides a full range of banking and related services to individual and corporate customers through banking centers in Florida and the New York metropolitan area. BankUnited, N.A. also provides certain commercial lending and deposit products through national platforms. BankUnited, Inc. (NYSE: BKU), with total assets of $35.7 billion at June 30, 2021, is the bank holding company for BankUnited, N.A. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.Official and on Twitter @BankUnited.

Contacts

Donna Crump-Butler, (305) 231-6707

dbutler@BankUnited.com

Savannah Whaley, (954) 776-1999, x225

swhaley@piersongrant.com

Introducing Square Banking, a Suite of Powerful Financial Tools for Small Businesses

Payments and banking products work seamlessly together, providing sellers with a robust solution to manage cash flow

SAN FRANCISCO–(BUSINESS WIRE)–Today, Square launches Square Banking, a suite of financial products purpose-built to help small business owners easily manage their cash flow and get more out of their hard-earned money. Coming on the heels of Square’s industrial bank, Square Financial Services, beginning operations in March, Square Banking represents a major milestone in Square’s continued efforts to expand access to financial tools for underbanked populations and marks the beginnings of the company’s journey to provide more banking solutions to small businesses.

“Small businesses are the heartbeat of our communities and our economy. From our earliest days, Square has focused on building easy-to-use tools and services to empower entrepreneurs to succeed on their own terms,” said Christina Riechers, Square Banking’s Head of Product. “Historically, small businesses have had to contend with numerous hurdles while trying to access vital financial services that are often readily available to larger companies. With Square Banking, we’ve reimagined the financial system for small business owners with their cash flow needs at the center. We’re introducing fair, accessible financial services that connect directly with our sellers’ payments, helping them unlock instant access to their sales, automate their savings, and receive personalized financing offerings.”

Square Banking consists of three core products designed to help small business owners confidently manage cash flow stress: two new deposit accounts, Square Savings and Square Checking, join Square’s existing lending capability, now called Square Loans. By offering essential banking tools that work seamlessly with Square’s ecosystem of solutions like payments and Square Payroll, sellers now have a single home for their entire business, gaining a unified view of their payments, account balances, expenditures, and financing options.

Square Savings: Automated Preparation for the Future

Small business owners recognize the value of setting aside funds, but the day-to-day challenges they face trying to manage their cash flow can make it difficult to build up a cash buffer. Square Savings, powered by Square Financial Services, offers small business owners a simpler way to start or continue building up their cash reserves.

With automated savings, Square Savings removes the friction from setting aside funds, enabling sellers to effortlessly save a percentage of every Square sale they make. To better help businesses organize their savings, Square Savings also offers customizable folders that sellers can use to save for specific goals and priorities, like purchasing new equipment or paying quarterly tax obligations. These FDIC-insured accounts offer a 0.5% annual percentage yield1, and have no minimum deposits, balance requirements, or account fees.

“Cash flow is always top of mind as a small business owner, but one of the big learnings from the last year and a half is how important it is to think about my finances in the longer term, whether that’s a few weeks from now or a few months,” said Susan Kinser, owner of Troy, Ohio-based Wagmore Pet Salon. “Square Savings is great because in the background, it’s helping me prepare for the future, while leaving me free to focus on the day-to-day needs of my business.”

Square Checking: A Home for Business Finances, Connected to Payments

Since Square first introduced the Square Debit Card, adoption has increased every quarter as more sellers seek a way to decouple their personal and business finances and immediately access and spend their earned funds. In 2020, the number of active Square Card sellers increased 140% year over year, and the total balance stored by these sellers increased 250% in the same time period. Square Checking builds off the company’s existing business banking tools, and in partnership with Sutton Bank, offers sellers an FDIC-insured business checking account that provides instant access to card sales they process via Square.

With Square Checking, Sellers can immediately spend their funds with their Square Debit Card, send and receive money via ACH with new account and routing numbers, or use their balance to pay their teams with Square Payroll. Square Checking has no account minimums, overdraft fees, or recurring fees, and sellers are able to instantly move funds between their Square Savings and Square Checking accounts whenever they need to, at no cost. Soon, sellers will also be able to deposit checks via the Square Point of Sale app, helping them further consolidate business funds into one place.

Square Loans: Personalized Financing Based on Sales, Not Credit History

Financing is critical for small businesses looking to grow or gain better control over their cash flow, and yet, according to the Federal Reserve, fewer than half of small businesses report that their credit needs are met. Since beginning operations, Square Capital – now Square Loans – has facilitated more than $9 billion in small business loans and Paycheck Protection Program loans to more than 460,000 Square sellers, with an average loan size of $6,750. These numbers highlight Square’s ability to reach and serve small businesses that have been traditionally underserved by existing lending options.

Square Loans continues to give sellers increased access to credit with proactive loan offers that are uniquely tailored to their business needs and can be automatically repaid through a percentage of their daily Square sales. Soon, sellers will also be able to instantly access their Square Loan from their Square Checking account once they are approved for a loan.

“There are so many unseen challenges that come with starting and running a small business, and the ability to easily access fair financing is a big one,” said Charlene Ruell, the owner of Vancouver, Washington-based handmade accessories provider Panache. “The idea of shopping around for a business loan was intimidating, given my concerns around my personal credit and the fact that I run a relatively small operation. The personalized financing options I’ve received from Square Loans have not only helped me invest in key equipment and inventory, but it also reinforced my conviction that my business has staying power.”

For more information on Square Banking, please visit squareup.com/banking

About Square, Inc.

Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in person, manage their business, and access financing. Square, Inc. has offices in the United States, Canada, Japan, Australia, Ireland, Spain, Norway, and the UK.

1For Savings accounts, annual percentage yield (APY) of 0.50% or more will apply until 12/31/2021, after which the APY in effect at that time will apply and will be subject to change.

All Square Loan numbers reflect metrics through March 31, 2021.

Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc., All loans and savings accounts are issued by Square Financial Services, Inc., a Utah-Chartered Industrial Bank. Member FDIC. All loans are subject to credit approval. Square Checking is provided by Sutton Bank, member FDIC. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. Funds generated through Square’s payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues. Checking and Savings accounts are FDIC-insured up to $250,000.

Contacts

Media Contact

press@squareup.com

NorthOne Eliminates NSF and Overdraft Fees for Its Small Business Owners

NorthOne’s Business Account and Digital App Provides All Features Businesses Need to Manage Their Finances, Without NSF or Overdraft Fees

NEW YORK–(BUSINESS WIRE)–NorthOne, one of the country’s leading banking apps for small businesses, today announced that it has officially eliminated all non-sufficient funds (NSF) and overdraft fees for all its current and future customers. By using NorthOne, small business owners can focus on what matters most: running their business.

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NorthOne is a financial technology provider, not a bank. Banking services are provided by The Bancorp Bank, Member FDIC.

“Fees like NSF and overdraft began a long time ago as a deterrent and cost recovery mechanism, but have since become an entire industry and profit center for many traditional banks,” said Eytan Bensoussan, CEO & Co-Founder of NorthOne. “That’s not right. And this can be especially painful for many small businesses. We’re excited to eliminate NSF and overdraft fees for NorthOne customers and make our pricing even more transparent and simple.”

While many big corporations won’t feel a huge impact when hit with overdraft fees, for small businesses around the country, these fees can take a costly percentage of total revenue.

In 2019, American banks took $11 billion in overdraft fees from businesses and consumers. And in March 2020, when federal regulators stepped in to encourage banks to waive their overdraft fees, the average penalty still reached a record high of $33.47.

While many traditional banks have not taken steps to eliminate fees, NorthOne customers will pay just a $10 monthly fee for a NorthOne Account and $15 each time they send or receive domestic wire payments.

“We believe that NorthOne should succeed when our customers succeed, not when they stumble,” said Bensoussan. If a NorthOne business owner tries to withdraw more than they have, the transaction will be rejected – simple.

Small business owners can get a NorthOne Account for $10 a month*. Apply today at www.northone.com.

* The only additional fee assessed to the Account is a $15 fee for incoming and outgoing wires.

About NorthOne

NorthOne provides American small businesses with a powerfully simple way to do their banking through NorthOne’s Mobile App and website. Launched in 2019, NorthOne serves more than 190,000 small businesses across the U.S. and is backed by Battery Ventures, Redpoint Ventures, and Tom Williams. The company’s headquarters are in New York with additional offices in San Francisco and Toronto. To learn more, visit www.northone.com. Banking services for the NorthOne Account are provided by The Bancorp Bank, Member FDIC.

Contacts

Yalda Rafie

SutherlandGold for NorthOne

Northone@sutherlandgold.com

Novo Raises $40.7M Series A to Scale Digital Banking Platform for Small Businesses

Award-winning banking platform recently surpassed $1 billion in lifetime transactions; will use funding to introduce new capabilities that will help small businesses save time and money

MIAMI & NEW YORK–(BUSINESS WIRE)–Novo, the powerfully simple small business banking platform, today announced that the company has raised $40.7M in Series A funding. Valar Ventures led the round, with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup.

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“The modern-day online small business owner expects a digital banking platform to offer more than a well-designed interface — they want a robust, centralized, and no-fee application that offers true value-add to how they manage their money,” said Michael Rangel, CEO and co-founder of Novo. “Small businesses across the U.S. have chosen Novo because our team has built a digital banking platform that makes everyday financial tasks a breeze — from creating invoices and receiving payments to connecting their accounts with other tools their businesses need to operate like Stripe, Shopify, Square, and more.”

Since launching in 2018, more than 100,000 small businesses have opened a Novo account. In 2021, Novo surpassed $1 billion in lifetime transactions, announced a number of new features, opened a new office in Miami, and grew its leadership team. The company was also named both CNBC’s Best Business Checking Accounts of March 2021 and Money Magazine’s Best Business Checking Accounts of 2021.

“The ability of the Novo team to grow the company rapidly during a year where businesses have faced unprecedented challenges is impressive,” said Andrew McCormack, founding partner at Valar Ventures. “Novo tripled its small business customer base in the first half of 2021! Their custom infrastructure and banking platform put them in prime position to expand their services at an even faster pace as we come out of the health crisis. All of us at Valar Ventures are excited to join this team.”

Novo will use its Series A funding to continue building out a best-in-class platform for small business banking, with a focus on helping business owners simplify their finances and optimize their cash flow. Novo currently has more than 60 employees, with plans on more than doubling its headcount over the next year.

“Novo’s robust and flexible underlying infrastructure will allow our team to introduce a variety of features and integrations in the coming year that we’re confident small businesses will love using,” said Tyler McIntyre, CTO and co-founder of Novo. “Novo will continue to focus on solving the top problems small businesses face: cashflow through faster payments, and access to lending products banks traditionally do not offer to small businesses.”

About Novo

Novo is the powerfully simple banking platform for small businesses. To learn more, visit www.banknovo.com.

Contacts

Alex Parks

Alex.parks@banknovo.com
617-784-8863