One is a financial technology platform that offers mobile banking services, including high-yield savings accounts with a 4.35% APY, early direct deposit, and cash back rewards at select retailers. The platform addresses the need for low-cost banking solutions by eliminating monthly fees and providing tools for credit building without interest or credit checks.
Funding
$300M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+40Founders
Product
Problem
Many consumers face challenges with traditional banking systems, including monthly fees, overdraft fees, and limited access to early pay options. Building credit can also be difficult, often requiring interest payments or credit checks that create additional barriers for some individuals.
Solution
OnePay provides a mobile-first financial platform designed to offer accessible and affordable banking services. The platform eliminates monthly and overdraft fees while providing features like early direct deposit and high-yield savings accounts. OnePay also offers a Credit Builder program that allows users to build credit history without interest or credit checks, promoting financial inclusion and stability. The platform integrates a digital wallet that provides cash back rewards at select retailers, enhancing the value proposition for everyday spending.
Target Audience
The primary target audience includes consumers seeking low-cost, accessible banking solutions, particularly those interested in building credit without incurring debt and those who frequently shop at Walmart.
Features
- High-yield savings accounts with a 4.35% APY for eligible deposits
- Early access to direct deposits, up to 2 days early
- Debit card with cash back rewards at select retailers and 3% cash back at Walmart (up to $50 a year) with eligible deposits
- Credit Builder program that builds credit history with no interest or credit checks, requiring only $1 a month and $500+ in monthly eligible direct deposits
- Digital wallet (OnePay Wallet) that offers rewards at Walmart, allowing users to stack cash back on top of existing card rewards
- Mobile banking features, including easy money transfers and savings goals
- FDIC insurance up to $250,000 per depositor through pass-through insurance at Coastal Community Bank or Lead Bank, Members FDIC