Great Hill‘s managing partner Matt Vettel and partner Nick Cayer will join One Inc’s board as a result of the acquisition.
One Inc said that its seen growth of payments volume at 77 percent YOY. The company’s platform lets insurance companies have a smooth payment experience through policyholders, vendors, agents, and service providers.
“With seamless integration into existing legacy and modern core systems, the One Inc Digital Payments Platform helps insurers increase customer retention while reducing costs, complexity, and the burdens of compliance and security,” a One Inc statement said.
Christopher Ewing, founder and CEO of One Inc, said that the move is a good one for both companies.
“Great Hill’s investment allows us to focus on our digital payments strategy,” Ewing told the Insurance Innovation Reporter. “Great Hill has been focused on SaaS and payments, and we’re a little of both, so it’s a good strategic fit.”
Great Hill has a large portfolio of payment-facing companies that it works with, including MineralTree, Vanco, Paytronix, Network Merchants, Inc., BlueSnap, and AffiniPay. Prior payment company investments include Accelerated Payment Technologies, Connexeo, Custom House, Vigo Remittance, and BillMatrix.
Nick Cayer said that the acquisition would aid in growth.
“The insurance industry is going through a transformation as both insurance companies and policyholders seek digital platforms that allow for real-time engagement,” said Great Hill’s Cayer in a statement. “One Inc’s focus on building the best digital platform has led to tremendous growth, and we are excited to work with Chris and his entire team and to bring our extensive payments and software experience to bear in supporting them through the next phase of expansion.”