Led by Foundation Capital, Core Innovation Capital, and Obvious Ventures, financing will help One scale its services to more customers ahead of a public launch this summer
One announced its new digital banking service, which will help middle-class American families maximize their paychecks. As the first digital banking service to integrate credit, One will unify people’s finances into one account, making it seamless to save, spend and borrow money. The company is opening up early access to its private beta, and also announced $17 million in Series A financing from Foundation Capital, Core Innovation Capital, and Obvious Ventures to fuel growth. The close brings total funding raised to $26 million.
“We are committed to investing in companies making a positive difference in the world, and we look for purpose-driven entrepreneurs who have the vision to create change”
One was co-founded by two industry veterans with deep roots in personal finance: One Chairman Bill Harris, who is the former CEO of Intuit, the founding CEO of PayPal and founder and former CEO of Personal Capital; and One CEO Brian Hamilton, who is the founding CEO of Azlo, co-founder of PushPoint, a company acquired by Capital One, and a former SVP at Capital One.
“There’s a gap in the market that’s not being met. Traditional banks cater mostly to affluent customers and new digital banks target younger individuals with simpler financial needs,” said Harris. “Middle-class American families are being left out, and we built One specifically for them. One will combine the technology and convenience of challenger banks with a full-suite of products that traditional banks offer.”
“The current financial system breaks up the money people earn into siloes, making it hard for busy families to stay on top of their banking and credit accounts. Most people have a balance in their checking account that earns nothing and outstanding debt on their credit card that costs too much,” said Hamilton. “One is designed to maximize a family’s hard-earned paycheck by unifying saving, spending and borrowing into one account. When this money is being managed from one place, people save more, are charged less and gain control.”
One is redesigning the key fundamentals of banking to help middle-class American families:
Save: One offers competitive interest rates on savings to help people grow their money.
Spend: Debit and credit is wrapped into one account, with just one card to access both. One doesn’t charge monthly fees, overdraft fees, or NSF fees.
Borrow: One is the first to offer an integrated line of meaningful credit at lower rates, so that people have a credit cushion to borrow from in moments of need.
Share: One of the biggest financial issues people face today is figuring out how to share expenses with friends and family—roommates, divorced parents, caregivers, and more. One allows customers to create pockets within a single account to instantly share money with others, eliminating complicated transfers between banks or accounts.
“One’s focus on middle-class American families is filling a market need that no one in banking is currently serving well,” said Charles Moldow, General Partner of Foundation Capital. “We immediately understood their vision to help hardworking families maximize their paychecks through integrated banking and credit services. We’re always on the lookout for changemakers, and One will bring much needed innovation to the industry.”
“We are committed to investing in companies making a positive difference in the world, and we look for purpose-driven entrepreneurs who have the vision to create change,” said Vishal Vasishth, Co-Founder and Managing Director of Obvious Ventures. “One is reimagining banking for the middle class and providing fair and transparent finance solutions. We believe deeply in their mission to help people gain more control of their finances.
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