One, a US-based digital banking startup, has raised $40m in Series B funding round led by Progressive Investment Company.
The round also saw participation from Obvious Ventures, Foundation Capital, Core Innovation Capital and others.
Go deeper with GlobalData
The latest round brings the total funding raised by the digital bank to $66m since its inception in 2019.
One plans to use the proceeds to drive customer growth, expand the internal team and upgrade its product portfolio.
Over the past few months, the startup has launched overdraft protection, a feature that rewards automatic savings contributions, cash flow-based credit lines and a credit builder product.
Launched by former PayPal and Intuit CEO Bill Harris, the digital lender aims to target middle-class Americans, an underserved market segment.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe firm claims that its product has helped its customers save approximately $20m since its launch.
FDIC member Coastal Community Bank provides One’s banking services.
One CEO and co-founder Brian Hamilton told TechCrunch: “What we’re doing is to re-integrate and unify what is otherwise a pretty splintered financial life for middle-income households and families that are attempting to manage finances on a daily, weekly and monthly basis.”
“One differs from the challenger banks in the market in that they have created a superior mobile banking experience for the 80% of the market that is not super-prime or subprime. They have both a debit and credit offering and a vastly better user experience,” TechCrunch quoted Foundation Capital general partner Charles Moldow as saying.
