OneBanks secures a £2.5m seed round featuring £580k from Advantage Business Angels
The open banking newcomer raised funds from members of the Claret Club to expand its staffed kiosk network.
OneBanks installs staffed kiosks in high footfall areas to maintain access to everyday over the counter banking services following high street branch closures.
OneBanks has secured a seed funding round totalling £2.5m, with members of Advantage Business Angels contributing £580k towards the total. The capital will support the expansion of its kiosk network, which aims to replace lost high street banking services with staffed stations in locations such as supermarkets and railway stations.
The company has recently trialled its concept in Scotland and has gained traction with major banks seeking affordable alternatives to traditional branches. The ongoing round follows earlier bridge financing from the same investor group late last year.
From the founder
"Working with ABA has been brilliant. OneBanks engaged with ABA early in the growth cycle where the business was only starting to gain traction with relevant stakeholders and I was delighted that the investor network connected to the concept of OneBanks and believed in me as a founder to execute. The support and encouragement from the investors have been a key driver to the success to date."
Duncan Cockburn
CEO at OneBanks
Investor perspective
"We are delighted with the progress being made by OneBanks, and with the enthusiastic support of our Investor Members. Our Directors have many years of experience in the early stage funding arena, following successful careers in diverse business sectors, we know our investors well, and so are highly selective in the companies that we engage with. This is borne out by the positive progress being made by the majority of our portfolio companies, and in particular the resilience they have shown over the last very difficult 12 months."
John Rankin
Managing Director, Advantage Business Angels
