How One Finance Lets Customers Share, Spend, Borrow From One Account

One Finance, a fintech geared toward life-based banking, launched a digital banking service Tuesday targeted at today’s consumers and middle-income Americans.

Benzinga chatted with co-founder and CEO Brian Hamilton about the announcement.

About One

A common problem in financial services is the lack of integration, forcing consumers to fragment their savings, spending and borrowing across multiple products.

Founded in 2019, One Finance is a fintech specializing in unified banking experiences. Simply put, the company has combined different aspects of financial services into one account.

“The traditional financial system hasn't caught up to the realities of how people live today. In many middle-income families, couples are choosing not to merge finances, siblings are pooling money to care for aging parents and former spouses are co-parenting,” Hamilton said.

“Consumers have to stay on top of multiple banking and credit accounts, creating a lot of anxiety. We knew there could be a better way to bank, which is why we created One — banking that supports you and simplifies your finances.”

One's Core Product Portfolio

“Part of the stress is that your money is in three, four, or five different places.”

One Finance comes as a holistic solution for spending, sharing and saving in one account. The company’s flagship product is a Mastercard that can be used as a debit or credit card at places where consumers shop. The card works with Apple and Google Pay and also allows for touch-to-pay functionality. 

Other core products tied to the One card include:

• Pockets: A way to spend and share money with those closest to you.
• Credit Line: Borrowing with no overdraft fees and 12% APR.
• Savings: Deposit savings and earn interest up to 1% APY.

“The idea is that we’ve pulled everything together into one card that you can use as a credit or debit card,” Hamilton said.

“You can even create, share, and spend from a shared Pocket — it’s essentially like splitting up the equivalent of a joint account.”

Innovation Outlook

One Finance is filling a gap, allowing financially stretched consumers access to personalized banking experiences.

The response to the firm’s behavior and cash-flow focused credit product has been excellent, the CEO said.

“Our innovation is around cash-flow based lending for the consumer. So, as you put your direct deposit into the account, the credit line that comes with the account gets bigger, up to the size of your paycheck or monthly income.”

Going forward, One aims to expand across the banking spectrum.

“We want to take all the different experiences and put them together,” Hamilton said.

“We also want to take advantage of all of the recent digital UI innovation that’s happened over the last few years and give it to you in one place.”

To learn more about One Finance, click here.