SAN FRANCISCO, May 20, 2024 – Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced that it was lead arranger and an administrative agent on a debt facility for One Inc, a leading digital payments network and portfolio company of Great Hill Partners and Nordic Capital.
Led by SVB’s Sponsor Finance team, the financing will be used by One Inc to drive additional product innovation and new opportunities for growth.
“One Inc’s core mission is to help insurance companies digitalize and modernize payments through cutting-edge technology that places customers at the center of every transaction,” said Ian Drysdale, Chief Executive Officer of One Inc. “As we continue to see exponential growth, we look forward to working with SVB on this recent financing to fuel future expansion.”
“SVB is thrilled to have led One Inc's recent debt financing, supporting the investment of Great Hill Partners and Nordic Capital,” said James Lucas, Managing Director with SVB’s Sponsor Finance team. “This marks a significant milestone for One Inc as it continues to modernize the insurance industry by enabling cashless payments.”
Since 2023, SVB has arranged $14 billion of lead managed transactions for clients in the innovation economy (as of March 31, 2024).
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications and rapid digital claim payments, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments. For more information, please visit www.oneinc.com.
Media Contact
SVB
Katie Ellis-Fredlund
415-846-6183