US challenger bank One has chosen core banking infrastructure developer Finxact to power its services in a new deal.
One is digital banking platform which is aimed at middle-income families across the US including married and partnered couples that often support children, parents or other family members. The bank, which was founded in 2019, is looking to launch its services in the summer or 2020.
Finxact designs technology for financial services, enabling banks to easily integrate its open APIs to invent, curate and launch new products.
One chairman and co-founder Bill Harris said, “In order to deliver on our vision of a single account, we required an extraordinarily elastic core system of record.
“Finxact anticipated this and built its core with the flexibility for banks to innovate quickly. Finxact is proving its platform is configurable enough for companies such as One that are developing solutions on the frontier of banking.”
This announcement comes just weeks after One secured a $17m Series A investment from Foundation Capital, Core Innovation Capital and Obvious Ventures.
It has been a popular year for US challenger banks. This year has already seen a handful close new equity rounds including Chime which bagged $200m and Empower which secured $20m.
Earlier in the month, omni-channel digital banking platform Backbase integrated Finxact’s technology to improve its digital transformation.
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