About

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 a high-yield savings account that offers an Annual Percentage Yield (APY) of up to 5.00% on balances up to $250,000, which is significantly higher than typical savings accounts. One Finance generates 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. The goal of One Finance is to provide a cost-effective and user-friendly financial management solution that helps customers grow their savings and avoid unnecessary fees.

Simplify's Take

What believers are saying

• The potential launch of a BNPL service backed by Walmart could significantly expand ONE Finance's product offerings and customer base.
• High APY on savings accounts can attract a large number of customers looking for better returns on their deposits.
• The backing and majority ownership by Walmart provide financial stability and a strong market presence.

What critics are saying

• The fintech market is highly competitive, with numerous players offering similar services, which could impact customer acquisition and retention.
• Reliance on interchange fees for revenue may be vulnerable to regulatory changes and market fluctuations.

What makes ONE Finance unique

• ONE Finance offers a high-yield savings account with an APY of up to 5.00%, significantly higher than the industry average.
• The partnership with Coastal Community Bank allows ONE Finance to provide banking services without being a bank itself, reducing regulatory burdens.
• The integration of features like early direct deposit, cash back at Walmart, and overdraft protection makes ONE Finance a comprehensive financial solution.

Help us improve and share your feedback! Did you find this helpful?

YesNo