One Inc Appoints Flywire Veteran Michael Ellis as CFO

One Inc has named former Flywire Chief Financial Officer (CFO) Michael Ellis as its new CFO.

Ellis will oversee the financial activities of the digital payments network for the insurance industry and will help drive its growth in collaboration with CEO Ian Drysdale, to whom he will report, One Inc said in a Tuesday (Aug. 6) press release.

“Michael’s proven track record, strong business leadership and history of delivering results will be invaluable as we continue to innovate and drive growth in the rapidly evolving digital payments infrastructure landscape,” Drysdale said in the release.

While CFO at Flywire, a global payment solutions provider, Ellis led the company through its 2021 initial public offering (IPO), according to the release.

Ellis was also CFO and advisor to bill pay platform BillGO, the release said.

In earlier roles, he served as CFO at CashStar, CFO of Eze Capital Software, controller at the Massachusetts Port Authority, vice president of finance at Flagship Ventures and director of transaction services at PwC, per the release.

Ellis joins One Inc at a time when the company is looking to expand its digital payments platform, foster product innovation and create new opportunities to offer solutions for modern insurers, the release said.

The firm currently serves more than 245 customers in the insurance industry, handles annual payments of $81 billion and has a network that includes more than 760,000 vendors, according to the release.

“I look forward to collaborating with the talented team at One Inc to scale the business, drive our financial strategy and deliver exceptional value to our stakeholders and clients, supporting our continued growth and leadership in the market,” Ellis said in the release.

Insurance, which is “one of the most complex markets on the planet,” needs a digital overhaul, as there are still $500 million worth of paper checks flowing in the United States alone, Drysdale told PYMNTS in an interview posted Monday (Aug. 5).

One Inc aims to turn those paper payments into electronic ones, automatically reconciled in various back offices.

“Any kind of insurance that is completely online and seamless is hyper-attractive to an insurance company,” Drysdale said.

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