OneBanks secures Series A investment from Glory
Glory has emerged as the cornerstone investor in OneBanks to help expand everyday banking services across the UK.
OneBanks is a shared branch banking innovator that provides everyday financial services through low cost kiosks. It utilises open banking technology to enable multiple banks to operate from a single physical location.
OneBanks has secured Series A funding from Glory to support its nationwide roll out of shared banking kiosks. The investment will see Glory become the lead external investor with a significant minority stake, alongside funds raised from existing backers. As part of the transaction, Javed Anjum of Glory will join the board, and Jonathan Hughes will assume the role of Executive Chairman.
From the founder
"We see a huge opportunity for us as an independent player enabling an efficient service model which will allow banks to offer better basic banking facilities in communities where they are needed. To have a leading global provider of banking technology solutions for the financial industry buying in so enthusiastically into our vision is immensely valuable – particularly at this stage in our development. Access to cash and the need for human interaction are still highly valued by many in our communities. We look forward to working together with our new partners to ensure that our concept of shared branch banking gains the widespread adoption to which we aspire."
Duncan Cockburn
Founder and CEO at OneBanks
Investor perspective
"We have many decades of experience helping banks transform their physical branch networks using the latest technologies in response to changing consumer expectations. The mass adoption of mobile and online channels has fundamentally changed the economics of branch banking across the UK and other countries and yet consumers still value, and in many cases need, convenient access to face-to-face banking services. We are delighted to be making this investment in OneBanks as they seek to introduce, in partnership with the major UK banks, their new open banking-enabled approach to providing this service to communities across the UK through shared branches."
Toshimitsu Yoshinari
Chief Solutions Officer at Glory Global Solutions, Glory
