ONE Finance

ONE Finance

Digital banking platform with high-yield savings

About ONE Finance

Simplify's Rating
Why ONE Finance is rated
C+
Rated C on Competitive Edge
Rated B on Growth Potential
Rated C on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

1,001-5,000

Company Stage

Growth Equity (Venture Capital)

Total Funding

$300M

Headquarters

New York City, New York

Founded

2022

Overview

One Finance provides a digital banking platform through its mobile app, allowing users to manage their finances conveniently. The app offers a debit Mastercard® and is designed for both individuals and small businesses. By partnering with Coastal Community Bank, One Finance enables users to access banking services without being a bank itself. A key feature of the app 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 generates revenue through interchange fees from debit card transactions and offers additional benefits like early direct deposit, cash back at Walmart, and overdraft protection. One Finance aims to provide a cost-effective and user-friendly financial management solution, distinguishing itself in the fintech market with its attractive savings rates and comprehensive features.

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Significant Headcount Growth
Simplify Jobs

Simplify's Take

What believers are saying

  • Walmart's backing provides strategic advantages and a vast customer base.
  • The fintech market is rapidly growing, offering expansion opportunities.
  • High-yield savings accounts attract customers seeking better returns.

What critics are saying

  • Increased competition from AI-driven financial advisors like Tolan.
  • Affirm's BNPL expansion could challenge One's planned offerings.
  • Regulatory scrutiny may increase with One's rapid growth and valuation.

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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Funding

Total Funding

$300M

Above

Industry Average

Funded Over

2 Rounds

Late VC funding comparison data is currently unavailable. We're working to provide this information soon!
Late VC Funding Comparison
Coming Soon

Benefits

401(k) Company Match

Flexible Work Hours

Remote Work Options

Stock Options

Paid Vacation

Paid Sick Leave

Paid Parental Leave

Paid Caregiver Leave

Growth & Insights and Company News

Headcount

6 month growth

2%

1 year growth

3%

2 year growth

4%
GeekWire
Feb 26th, 2025
These Colorful Ai Aliens Could Be Your New Virtual Best Friend As Startup Lands $10M To Launch Tolan

GeekWire’s startup coverage documents the Pacific Northwest entrepreneurial scene. Sign up for our weekly startup newsletter , and check out the GeekWire funding tracker and venture capital directory .An array of Tolan animated AI companions. (Portola Image)The promise and potential of artificial intelligence to be more than just a disembodied voice or text bubble took another colorful step forward with the official launch of Tolan, an animated AI companion from a startup with roots in Seattle and a host of big-name tech backers.Portola is the company behind the alien creatures who are out to become our new virtual best friends. The startup’s co-founders include CEO Quinten Farmer of Seattle, who grew up on Whidbey Island, Wash.; CTO Evan Goldschmidt; and President Ajay Mehta, who grew up in Bellevue.Farmer is the co-founder and former CEO of Even, a venture-backed fintech startup that was acquired by Walmart in 2022 for $300 million. Goldschmidt was a founding engineer and CTO at Even.Portola raised $10 million in a seed funding round led by Lachy Groom, a former executive at Stripe who co-founded Physical Intelligence, an AI startup that raised $400 million from Jeff Bezos and others. Portola backers also include Nat Friedman (former GitHub CEO); Daniel Gross (ex-Apple AI); Amjad Masad (Replit CEO); Mike Krieger (Instagram co-founder); David Luan (OpenAI, Amazon); and others.The Tolan app, available on iOS, soft-launched in late 2024 and has already attracted 500,000 downloads among people looking for conversational companionship around everything from what to make for dinner, what to wear, how to study for an exam, and more.“I knew that the idea of a voice companion, and the technology to build such a thing, was all pointed in the right direction,” Farmer told GeekWire

PYMNTS
Dec 19th, 2024
Is Auto Sales The Next Amazon-Walmart Contest?

It seems as if consumers can buy just about anything from Amazon. Now, you can add cars to that list. Can Amazon Autos become a go-to destination for car buyers, providing Amazon with a competitive edge in an area where Walmart has yet to establish a strong presence?. While Walmart does sell and even buy cars through its Carsaver partnership, the company still relies on third parties to handle the bulk of the transaction process. This leaves an opportunity for Amazon to take a more direct approach, leveraging its vast ecosystem and tech-driven conveniences to elevate the car-buying experience

HK Silicon
Dec 13th, 2024
Walmart-backed One valued at $2.5B

Walmart is injecting more funds into its fintech startup, One, achieving a valuation of $2.5 billion. This move underscores Walmart's ambition to expand further into financial services. The retail giant, alongside investment firm Ribbit Capital, is leading a funding round exceeding $300 million. Walmart holds a majority stake in One, aiming to strengthen its position in the financial services sector.

PYMNTS
Dec 12th, 2024
Report: Walmart And Ribbit Lead Fintech One’S $300 Million Funding Round

Walmart and investment firm Ribbit Capital are reportedly leading a funding round of more than $300 million for FinTech startup One, which is majority-owned by Walmart. The round, which has not closed, would value One at $2.5 billion before the new money is raised, Bloomberg reported Thursday (Dec. 12), citing an unnamed source. Neither Walmart nor Ribbit Capital immediately replied to PYMNTS’ request for comment

PYMNTS
May 8th, 2024
Affirm Credits Mid-Market With Q3 Earnings Gains

Although it didn’t address two big elephants in the room, buy now, pay later company Affirm rode solid advancements in its debit card and gross merchandise volume metrics to better-than-expected Q3 earnings results. In what is a continuing referendum on consumer spend this earnings season, CEO Max Levchin painted a picture of a consumer financing FinTech that is cautiously increasing its risk exposure by extending credit to a larger consumer base while trying to maintain control over credit outcomes. As the company reported Wednesday morning (May 8), Affirm saw its gross merchandise volume (GMV) surge 36% year-over-year to $6.3 billion, marking the fourth consecutive quarter of accelerating growth

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