About

One.app provides a digital banking platform that allows users to manage their finances through a mobile app. While it is not a bank itself, it collaborates with Coastal Community Bank to offer banking services, including a debit Mastercard®. The app caters to a wide range of clients, from individuals to small businesses, seeking a convenient and cost-effective way to handle their money. One.app's standout feature is its high-yield savings account, which offers an Annual Percentage Yield (APY) of up to 5.00% on balances up to $250,000, significantly higher than typical savings accounts. The company earns revenue primarily through interchange fees when customers use their debit card for purchases. Additional benefits include early direct deposit, cash back rewards at Walmart, instant money transfers, and overdraft protection. One.app aims to provide accessible financial services that help users grow their savings and manage their finances effectively.

Simplify's Take

What believers are saying

• Walmart's backing values One at $2.5 billion, boosting credibility.
• Integration of AI-driven financial advisory services can enhance user experience.
• Growing digital wallet popularity offers expansion opportunities for One.

What critics are saying

• Amazon's expansion into financial services could impact One's market share.
• Regulatory scrutiny may delay Walmart's BNPL service launch through One.
• Affirm's growth in consumer financing poses a competitive threat to One.

What makes ONE Finance unique

• One offers a high-yield savings account with up to 5.00% APY.
• The app provides early direct deposit and cash back at Walmart.
• One partners with Coastal Community Bank for banking services.

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