One Finance

One Finance, Inc., which operates under the OnePay brand, is a consumer financial technology company offering a mobile app that combines checking and high-yield savings accounts, money transfers, credit products, buy-now-pay-later style payment over time, stock investing from as little as $1, and cryptocurrency buying, selling and tracking. The company states it is not a bank; deposit banking services are provided by Coastal Community Bank or Lead Bank, both FDIC members. Crypto functionality is delivered through Zero Hash entities, which the app discloses as separate service providers subject to their own terms.

The product set includes a Builder Card intended to help customers build credit with everyday purchases, Early Pay access to direct-deposited wages, fee-free overdraft for accounts receiving at least $500 in monthly direct deposits, and a OnePay CashRewards Mastercard. Rewards are issued as OnePay Points that can be redeemed as statement credits or deposits into a OnePay account; the card program advertises 3% cash back at Walmart, 5% for Walmart+ members, and 1.5% on other purchases with no annual fee. A Credit Builder program has been described as charging roughly $1 per month.

At its 2020 launch the company positioned itself as the first digital banking service to integrate credit, unifying saving, spending, borrowing and sharing in a single account with "pockets" that let customers share money with family members or roommates, and without monthly, overdraft or NSF fees.

Founding story

One was founded in 2019 by Bill Harris — former CEO of Intuit, founding CEO of PayPal and founder and former CEO of Personal Capital, who served as chairman — and Brian Hamilton, founding CEO of Azlo, co-founder of PushPoint (acquired by Capital One) and a former SVP at Capital One, who served as CEO. The founders argued that traditional banks served affluent customers while newer digital banks targeted younger users with simple needs, leaving middle-class families without a product that unified saving, spending and borrowing.

Business model

OnePay distributes consumer deposit, credit and investing products through its own mobile app while relying on chartered partner banks (Coastal Community Bank and Lead Bank) to hold FDIC-insured deposits and on third parties such as Zero Hash for crypto services. Reported revenue sources include transaction/interchange-related fees, subscription-style product fees such as the Credit Builder program, and partnerships with financial institutions.

Revenue is described as coming from transaction fees, subscription fees such as the roughly $1 per month Credit Builder product, and partnerships with financial institutions, alongside credit and rewards card programs.

Traction

The Google Play listing reports more than 5 million downloads and a 4.8 rating from about 201,000 reviews; the company's site cites over 151,000 Google Play reviews and states millions of customers bank through OnePay. A consumer review aggregator lists an average 4.5 rating across 81 user reviews covering its checking, credit card and personal loan products.

Latest developments

In December 2024 the company raised more than $300 million co-led by Walmart and Ribbit Capital at a stated $2.5 billion valuation, with plans to expand products, reach new geographies and deepen integration of financial services into the Walmart ecosystem, serving Walmart's customer base and its 1.6 million employees. App listings show continued product expansion into investing, crypto and rewards through 2026.