One Raises $40M Series B for All-in-One Digital Banking Platform

One, a Sacramento-based digital banking platform, raised $40M in a Series B funding round, bringing its total capital raised to $66M. The company offers an all-in-one banking experience targeting middle-class consumers, providing debit cards and a suite of financial services through a single platform. One's model relies on bank-fintech partnerships to deliver its banking products, positioning it as a consumer-facing embedded finance offering built on BaaS infrastructure.

The platform aims to simplify personal finance by consolidating multiple banking functions into one app. The Series B funding will support product development and customer acquisition. One competes in the crowded neobanking space but differentiates by focusing specifically on middle-income consumers who are underserved by both traditional banks and premium neobanks.

The round reflects continued investor enthusiasm for fintech platforms that leverage BaaS partnerships to offer consumer banking services.