Japanese cash technology solutions provider Glory is set to become a cornerstone investor in OneBanks, which has developed a low-cost pop-up kiosk format to offer face-to-face banking services on behalf of multiple banks.
The move is part of a Series A financing round for OneBanks, which is backed by ex- Bank of England deputy governor Rupert Pennant-Rea, and former Conservative cabinet minister Baroness Bottomley, among others.
Go deeper with GlobalData
Glory will become the lead external investor with a significant minority of the enlarged capital upon transaction closing.
The firm’s head of Software Strategy & Innovation Javed Anjum will gain a seat on the OneBanks board.
Furthermore, fintech investor and serial entrepreneur Jonathan Hughes will become OneBanks’ executive chairman upon transaction completion.
With banks increasing exiting High Street, the concept of shared banking hubs has picked pace.
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 GlobalDataOneBanks is an innovator in this space, looking to fill this void created by the withdrawal of physical bank branches.
Being a shared facility, the cost of operation is divided between multiple financial institutions and is configured to support quick and easy assembly.
OneBanks founder and CEO Duncan Cockburn said: “Access to cash and the need for human interaction are still highly valued by many in our communities.
“We look forward to working together with our new partners to ensure that our concept of shared branch banking gains the widespread adoption to which we aspire.”
OneBanks has completed testing its shared branch kiosk formats in three locations this year, with plans to expand to 15 locations by the end of next year and 150 by 2025.
OneBanks’ proprietary technology is designed to help various banks provide services from a single physical location at a cost ‘significantly lower’ than a traditional branch.
Customers of the participating banks can avail multiple transaction types, supported by a OneBanks team member appointed from the local community.
Glory Global Solutions chief solutions officer Toshimitsu Yoshinari said: “The mass adoption of mobile and online channels has fundamentally changed the economics of branch banking across the UK and other countries and yet consumers still value, and in many cases need, convenient access to face-to-face banking services.
“We are delighted to be making this investment in OneBanks as they seek to introduce, in partnership with the major UK banks, their new open banking-enabled approach to providing this service to communities across the UK through shared branches.”
