One has raised $40 million to scale its operations and product offerings
The financial technology company, One, announced its Series B funding of $40 million. The round is led by Progressive Investment Company, Inc., with participation from Obvious Ventures, Foundation Capital, and Core Innovation Capital and others. This funding will fuel customer growth, scaling of the internal team, and expansion of One’s product offerings to further their mission of reinventing everyday finance for the middle class.
Traditional banking exists on a system of fractured accounts and billions of dollars in hidden fees that leave customers living paycheck to paycheck despite steady incomes. Americans typically need 5-7 accounts to manage their money. One is built on a proprietary technology core delivering saving, spending, sharing, budgeting, and borrowing in a single account.
“Stretched middle-income households and working families deal with financial stress on a daily basis and are largely unsupported by current offerings,”said One CEO Brian Hamilton. “Every day we are marching towards changing this landscape to better serve customers and challenge the antiquated practices and uncompetitive pricing of traditional banking products. One offers features that can make a lasting financial impact for hard working people.”
Since making its product generally available in September of 2020, One has rapidly enhanced its core product offering, launching award-winning overdraft protection, an Auto-Save feature that rewards automatic savings contributions at 3.00% APY, cash flow-based Credit Lines that enables borrowing as low as 12% APR, and a Credit Builder product to help build financial health for those that need it most. One has reinvented how people share financial goals and responsibilities with individually configurable Pockets that can be easily shared with others and accessed via virtual and physical cards. One currently has an Apple app store rating of 4.8 and recently received a 4.5 star rating on NerdWallet where it’s ranked as one of the “best banks of 2021.” Beloved by customers, One has helped its users automatically save over $2 million collectively since its launch, a number that grows daily.
“We are thrilled to join One on their mission and help the expansion of a world-class team of fintech and banking innovators focused on designing a suite of unique tools that will transform how people manage their money,” said Andrew Quigg, Progressive’s Chief Strategy Officer. Progressive understands consumers’ needs are constantly changing and One provides convenient ways to keep finances in one place.”
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This recent round follows One’s Series A funding in March of 2020 led by Foundation Capital, Core Innovation Capital, and Obvious Ventures.
“The team at One has moved lightning fast to innovate on behalf of those who need access to simpler, more impactful financial solutions,” said Foundation Capital General Partner Charles Moldow. “With no fees, no minimums, and an integrated, well-designed product, One customers are making real progress towards financial well-being and are sharing financial responsibilities in ways that map to modern families and relationships.”
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