Nordic Capital, which claims to be one of the most active and experienced investors in Technology & Payments globally, announced that it will join Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, as an investor in One Inc, a digital payments platform specializing in modernizing the insurance industry in North America.
Great Hill Partners invested in One Inc in 2020 and will “retain an equal stake to Nordic Capital alongside a significant continuing investment from the company’s current management team.”
Founded in 2012, One Inc’s mission is to help insurance companies “digitalize and modernize payments through cutting-edge technology that places customers at the center of every transaction.”
From premium payments to claims disbursement, One Inc strives to “ensure a frictionless experience, merging all payment flows into one comprehensive platform.”
One Inc Digital Payments Platform is “designed to integrate with modern and legacy insurance core systems, engaging policyholders through the channels they use most while securely processing payments through those same channels.”
Today, the company has close to 500 employees, “handles annual payments of USD 70 billion, and has one of the largest networks in the industry with over 700,000 vendors.”
One Inc proudly serves over 240 customers in the insurance industry, “including Amica Insurance, MAPFRE, SageSure, Tower Hill Insurance, Wawanesa Insurance, and others.”
The insurance industry faces “a landscape defined by digital transformation, economic shifts, and environmental disruption, prompting it to innovate and optimize. One Inc’s payment network is well-positioned to accelerate and drive transformation, currently demonstrating over 65% year-over-year revenue growth.”
Nordic Capital has over 30 years of experience “accelerating the growth of innovative technology companies and is set to leverage its deep sub-sector and operational knowledge to create value and boost One Inc’s ambitious plans.”
Nordic Capital also has” a long history of investing in partnerships with owners, founders, and management. It has made 30 technology investments in companies with an aggregate enterprise value of over EUR 24 billion.”
It made its first investment in Payments 20 years ago and “has since partnered with several innovative payment companies, including Point International, Bambora, Trustly, and PayWithMyBank. In addition, Nordic Capital has invested in a variety of financial services businesses – including insurance carriers – for many years, bringing an extensive network of industrial advisors and an in-house operations team.”
This transaction represents Nordic Capital’s third investment in “an innovative software company in North America in the last couple of months.”
Fredrik Näslund, Partner and Head of Technology & Payments, and Mohit Agnihotri, Partner, Nordic Capital Advisors, said:
“Nordic Capital is a longtime admirer of One Inc, which has stood out for solving the unique and complex challenges of digital payments in the insurance industry. Through its innovative solutions, the Company is transforming and simplifying payments for the entire insurance ecosystem benefitting carriers, consumers, and vendors alike.”
In addition to One Inc, Great Hill’s current portfolio of financial technology and payment companies “includes NMI, Paytronix, Vanco and VersaPay.”
Prior financial technology and payment investments “include Accelerated Payment Technologies, AffiniPay, BillMatrix, Chrome River, Confirmation.com, Custom House, MineralTree and Vigo.”
Terms of the transaction were “not disclosed, and the investment is subject to customary regulatory approvals.”
Raymond James, J.P. Morgan and TD Cowen “are serving as financial advisors and Goodwin Procter LLP as legal advisor to One Inc. William Blair is serving as financial advisor and Kirkland & Ellis as legal advisor to Nordic Capital.”
