It combines credit and debit into one account, “making it seamless to save, spend and borrow money.”
The company also announced a Series A funding round that raised $17 million from Foundation Capital, Obvious Ventures and Core Innovation Capital. The venture has raised $26 million in funding so far.
The digital banking service is the brainchild of Bill Harris, former CEO of Intuit, founding CEO of PayPal and founder and previous CEO of Personal Capital; as well as Brian Hamilton, who co-founded PushPoint and was founding CEO of Azlo.
“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,” said Harris. “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 shared a similar sentiment.
“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,” said Hamilton. “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 combines debit and credit in one account with one card for access to both, and it doesn’t charge any fees. It also has a system for sharing money with friends and family that creates “pockets” in the account so that there’s no need for transfers between banks or accounts.
“One’s focus on middle-class American families is filling a market need that no one in banking is currently serving well,” said Charles Moldow, general partner of Foundation Capital. “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.”