Fintech startup OneBanx has secured £1.27m in a crowdfunding campaign to tackle the issue of high street bank closures with in-person kiosks shared by multiple banks.
Founded in 2019, OneBanx was created to fill the gap left by physical bank branches closing down. While the majority of the UK now uses online banking, there are many who still rely on in-person banking services and have been alienated by the closure of 5,000 retail bank locations since 2015.
OneBanx, formerly OneBanks, is placing kiosks around the UK which can provide banking services to customers of any bank.
Customers using OneBanx kiosks can make cash deposits and withdrawals as well as make payments and receive support for online banking services.
The firm has successfully closed its funding round on the group investment platform Crowdcube, based on an initial target of £1.25m.
The shared model could appeal to high street banks, which have closed physical branches because they were no longer economically viable.
OneBanx already operates four physical locations, in association with the Co-operative Bank and TSB. The company will use the new funding to support its expansion across the UK.
“We have had amazing support from our existing shareholders, but as a business rooted in serving communities, we wanted to extend our shareholder base to include more communities and partners with a real stake in our business as we expand and grow,” said OneBanx founder and CEO Duncan Cockburn.
“Now that there are 10 high street banks committed to funding shared infrastructure and thousands of kiosks or similar needed across the UK, there is a real opportunity here to make a difference for customers.”
OneBanx has set a pre-money valuation of £12.6m.
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