- Digital banking service One announced it raised $17 million in Series A funding
One — a new kind of digital banking service which helps middle-class American families maximize their paychecks — announced it has raised $17 million in Series A funding from Series A financing from Foundation Capital, Core Innovation Capital, and Obvious Ventures to drive growth. Including this funding round, the company has raised $26 million.
How does One work? One is known as the first digital banking service to integrate credit and will unify people’s finances into one account thus making it seamless to save, spend and borrow money. The company recently opened up early access to its private beta.
The founders of One are industry veterans with deep roots in personal finance: Chairman Bill Harris (former CEO of Intuit, the founding CEO of PayPal, and founder and former CEO of Personal Capital) and One CEO Brian Hamilton (the founding CEO of Azlo, co-founder of PushPoint, and former SVP at Capital One).
One offers saving, spending, borrowing, and sharing services. For example, One offers competitive interest rates on savings to help people grow their money. And One’s debit and credit services are wrapped into one account with just one card to access both and no monthly fees, overdraft fees, or NSF fees. In terms of borrowing, 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. For sharing, the company offers the ability to share expenses with friends and family by creating “pocket” within a single account to instantly share money with others.
“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. 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. 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’s focus on middle-class American families is filling a market need that no one in banking is currently serving well. 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.”
-Charles Moldow, General Partner of Foundation Capital
“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 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.”
-Vishal Vasishth, Co-Founder and Managing Director of Obvious Ventures