One, a U.S.-based digital banking service, announced on Tuesday it secured $17 million through its Series A investment round, which was led by Foundation Capital with participation from Core Innovation Capital and Obvious Ventures.
One was co-founded by Bill Harris, former CEO of Intuit, founding CEO of PayPal, and former CEO of Personal Capital, and Brian Hamilton, founding CEO of Azlo, Co-Founder of PushPoint, and former SVP of Capital. The banking platform is on a mission to “redesign key fundamentals” of banking by doing the following:
- Save: 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: Offers an integrated line of meaningful credit at lower rates, so that people have a credit cushion to borrow from in moments of need.
- Share: Allows customers to create pockets within a single account to instantly share money with others, eliminating complicated transfers between banks or accounts.
While sharing more details about the platform, Harris stated:
“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.”
Hamilton then added:
“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 is currently available in private beta.