The financial technology company, One, announced today that the company has secured $40 million in funding to expand its digital banking-related product offerings for the middle-class.

Progressive Investment Company, the US-based investment firm, led the latest Series B funding round of One. Other investors including Obvious Ventures, Foundation Capital, and Core Innovation Capital also joined the latest investment round.

Launched in 2019, One is based in San Francisco and Sacramento. The fintech firm made its product generally available in September 2020. The company aims to facilitate middle-class families and individuals through efficient digital banking services.

Additionally, One highlighted the issues in the current traditional banking structure and mentioned that US residents typically need 5-7 accounts to manage their money.

“Stretched middle-income households and working families deal with financial stress on a daily basis and are largely unsupported by current offerings. Every day we are marching towards changing this landscape to better serve customers and challenge the antiquated practices and uncompetitive pricing of traditional banking products. One offers features that can make a lasting financial impact for hard-working people,” Brian Hamilton, CEO of One, commented on the recent financing.

Digital banking and payments companies have raised significant funding in the last few months amid a jump in global adoption. In July, the payments firm Paystone secured $24 million in funding. The company received the investment from Credit Mutuel Equity, the private equity arm of Credit Mutuel Alliance Federale.

Expansion

In March 2020, One closed its Series A funding round led by Foundation Capital, Core Innovation Capital and Obvious Ventures. Through the latest Series B funding, One aims to fuel its customer growth along with the scaling of the internal team.

“We are thrilled to join One on their mission and help the expansion of a world-class team of fintech and banking innovators focused on designing a suite of unique tools that will transform how people manage their money,” said Andrew Quigg, Progressive’s Chief Strategy Officer.