California-based fintech start-up One has raised $40 million in a Sequence B funding spherical led by Progressive Funding Firm.
The spherical additionally included participation from Apparent Ventures, Basis Capital, and Core Innovation Capital, amongst others.
The injection, which follows a $17 million Sequence A spherical from March final yr, takes the corporate’s complete capital raised to $66 million.
One presents banking providers offered by Coastal Neighborhood Financial institution focused at middle-class Individuals.
CEO Brian Hamilton says: “Stretched middle-income households and dealing households cope with monetary stress each day and are largely unsupported by present choices.”
The corporate goals to “assist enhance the monetary lives of hard-working households and people” by combining saving, spending, sharing, and borrowing into one account.
One’s digital account presents an automated saving function, credit score choices, and cash administration instruments. It claims to have helped its clients save over $2 million since its launch final yr.
The fintech will use the brand new funds to scale its workforce and additional develop its product choices because it appears to proceed its progress.