US-based digital banking firm One has raked in $17m in Series A funding and opened up early access to its private beta.
The funding round was joined by Foundation Capital, Core Innovation Capital, and Obvious Ventures.
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The latest funding round brings the total funding raised by the digital bank to $26m.
Launched by former PayPal and Intuit CEO Bill Harris, the digital bank aims to target middle-class Americans, an underserved market segment.
One CEO Brian Hamilton said: “One is designed to maximise 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.”
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By GlobalDataThe start-up will offer customers an integrated line of credit and tools in order to make it easy for them to share money and expenses.
One chairman Bill Harris added: “Traditional banks cater mostly to affluent customers and new digital banks target younger individuals with simpler financial needs.
“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.”
The digital banking start-up said it will offer savers competitive interest rates. Debit and credit will be clubbed into one account with one card.
