California-based fintech start-up One has raised $40 million in a Series B funding round led by Progressive Investment Company.
The round also included participation from Obvious Ventures, Foundation Capital, and Core Innovation Capital, among others.
The injection, which follows a $17 million Series A round from March last year, takes the company’s total capital raised to $66 million.
One offers banking services provided by Coastal Community Bank targeted at middle-class Americans.
CEO Brian Hamilton says: “Stretched middle-income households and working families deal with financial stress on a daily basis and are largely unsupported by current offerings.”
The company aims to “help improve the financial lives of hard-working families and individuals” by combining saving, spending, sharing, and borrowing into one account.
One’s digital account offers an automatic saving feature, credit options, and money management tools. It claims to have helped its customers save over $2 million since its launch last year.
The fintech will use the new funds to scale its team and further develop its product offerings as it looks to continue its growth.