US-based digital banking firm One has raked in $17m in Series A funding and opened up early access to its private beta.
The funding round was joined by Foundation Capital, Core Innovation Capital, and Obvious Ventures.
The latest funding round brings the total funding raised by the digital bank to $26m.
Launched by former PayPal and Intuit CEO Bill Harris, the digital bank aims to target middle-class Americans, an underserved market segment.
One CEO Brian Hamilton said: “One is designed to maximise a family’s hard-earned paycheck by unifying saving, spending and borrowing into one account.
“When this money is being managed from one place, people save more, are charged less and gain control.”
The start-up will offer customers an integrated line of credit and tools in order to make it easy for them to share money and expenses.
One chairman Bill Harris added: “Traditional banks cater mostly to affluent customers and new digital banks target younger individuals with simpler financial needs.
“Middle-class American families are being left out, and we built One specifically for them.
“One will combine the technology and convenience of challenger banks with a full suite of products that traditional banks offer.”
The digital banking start-up said it will offer savers competitive interest rates. Debit and credit will be clubbed into one account with one card.