One

One offers banking services to individuals via a web portal and a mobile app. The company places particular emphasis on serving the country’s middle-class segment, which the company claims is overlooked by both traditional incumbents, which target affluent customers, and other neobanks, which mainly focus on younger and low-income demographic groups.

The company aims to streamline the banking process by integrating savings, spending, and borrowing into one account— a reflection of what the company’s name stands for. To further emphasize this goal, the company also enables the integration of other bank accounts and digital wallets into its app.

The company does not charge banking fees and requires no minimum balance. The company offers an APY of 1.0% for savings (maximum of USD 5,000), and an APY of 3.0% for savings made via round-ups using the company’s debit card. The platform also offers an autosave feature, which automatically rounds up change and transfers it to a savings account. The platform also offers the option of automatically saving a proportion of an individual’s monthly salary. Additionally, the platform enables the creation of ‘pockets’ through which customers can set aside money for specific goals or purposes. Moreover, the company also enables customers to share pockets with each other, to manage money together, for specific purposes such as splitting rental costs.

The company charges an APY of 12.0% per annum for loans; however, interest is not charged if funds are fully repaid within the borrowing month. Further, customers can increase their credit limits by setting up direct deposits to their accounts. The company also offers overdraft facilities at no added cost. In addition, the platform also offers a credit-building feature, through which customers can build their credit scores by making automatic on-time loan payments on a monthly basis. The platform also enables customers to keep track of their credit scores in real-time, and also provides analytical insights on how their scores are performing.

In January 2022, Walmart-backed FinTech startup Hazel exited stealth mode and announced the acquisitions of One and Even Responsible Finance (Even) to launch a financial super app (to be known as ONE), where users can combine saving, spending, and borrowing in a single account. The transaction was expected to close in the first half of 2022.

The company was co-founded by Bill Harris, who served as former CEO of a financial software company, Intuit, and also was founding CEO of established payments provider, PayPal, in addition to Brian Hamilton who co-founded neobank, Azlo.

Key customers and partnerships

The company provides its banking products in partnership with Coastal Community Bank.

Funding and financials

In August 2021, the company raised USD 40 million in Series B funding led by Progressive Investment Company. The funding will be used to develop new products and expand its workforce.