One Finance

About One Finance

One Finance, operating as OnePay, is a financial technology company that provides digital banking services targeted at middle-class American families. The firm was established in 2019 by co-founders Bill Harris and Brian Hamilton. Harris's background includes serving as the former CEO of Intuit and founding CEO of PayPal, while Hamilton was the founding CEO of Azlo and a former SVP at Capital One, bringing extensive experience in personal finance and fintech to the venture.

In January 2022, a significant milestone occurred when a fintech partnership majority-owned by Walmart, known as Hazel, announced it was acquiring One Finance and another company, Even Responsible Finance. The deal, which closed in March 2022, integrated both companies under the ONE brand, with a capitalization of over $250 million to fuel future growth. This strategic acquisition aimed to create a single financial services application, positioning ONE to serve Walmart's 1.6 million U.S. employees and its vast customer base of over 100 million weekly shoppers. Following the acquisition, Omer Ismail became the CEO of the combined entity.

The company's business model is centered on providing an all-in-one financial app that simplifies how users save, spend, and manage their money. As a fintech company, One is not a bank itself but provides banking services through its partners, Coastal Community Bank and Lead Bank, Members FDIC. The platform generates revenue through interchange fees on debit card transactions and other financial services. The app's core offering is a single account that unifies saving, spending, and borrowing. Key features include a debit card, high-yield savings accounts, direct deposit capabilities, and budgeting tools called "Pockets" that allow users to organize their money. After the acquisition, One tailored its services to benefit Walmart employees and shoppers with features like cash back on Walmart purchases and same-day pay for contract drivers using One for their deposits. The product suite, now under the OnePay brand, also includes a digital wallet with rewards, a Credit Builder tool to help users establish credit history, and free credit score monitoring.