Nordic Capital to Invest in One Inc to Drive Continued Growth and Product Innovation

Great Hill Partners invested in One Inc in 2020 and will retain an equal stake to Nordic Capital alongside a significant continuing investment from the One Inc’s current management team.

(Image source: One Inc website.)

Nordic Capital (Stockholm), one of the most active and experienced investors in the technology & Payments globally, has announced that it will join Great Hill Partners, a Boston-based private equity firm that invests in high-growth, disruptive companies, as an investor in One Inc (Folsom, Calif.), a digital payments platform specializing in modernizing the insurance industry in North America. Great Hill Partners invested in One Inc in 2020 and will retain an equal stake to Nordic Capital alongside a significant continuing investment from the One Inc’s current management team.

Ian Drysdale, CEO, One Inc.

“We have built an amazing business in collaboration with our insurer clients by putting them at the center of everything we do,” comments Ian Drysdale, CEO, One Inc. “We continue to see exponential growth and excellent customer loyalty, underscoring the strength of our model and industry-leading payments network of more than 700,000 vendors. The sector experience and resources that Nordic Capital and Great Hill bring to this partnership will fuel additional product innovation and drive new opportunities for growth as we continue to provide solutions that improve efficiency and boost revenue for today’s insurers.”

Fredrik Näslund, Partner and Head of Technology & Payments, Nordic Capital.

Founded in 2012, One Inc’s mission is to help insurance companies digitalize and modernize payments through cutting-edge technology that places customers at the center of every transaction. From premium payments to claims disbursement, One Inc says it strives to ensure a frictionless experience, merging all payment flows into one comprehensive platform. The One Inc Digital Payments Platform is designed to integrate with modern and legacy insurance core systems, engaging policyholders through the channels they use most while securely processing payments through those same channels. Today, the company has close to 500 employees, handles annual payments of USD 70 billion, and has one of the largest networks in the industry with over 700,000 vendors. One Inc proudly serves over 240 customers in the insurance industry, including Amica Insurance, MAPFRE, SageSure, Tower Hill Insurance, Wawanesa Insurance, and others.

Serving an insurance industry in the throes of by digital transformation, economic shifts, and environmental disruption, One Inc characterizes itself as well-positioned to accelerate and drive transformation, currently demonstrating over 65 percent year-over-year revenue growth.

Mohit Agnihotri, Partner, Nordic Capital Advisors.

Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies and is set to leverage its deep sub-sector and operational knowledge to create value and boost One Inc’s ambitious plans. Nordic Capital also has a long history of investing in partnerships with owners, founders, and management. It has made 30 technology investments in companies with an aggregate enterprise value of over EUR 24 billion. It made its first investment in Payments 20 years ago and has since partnered with several innovative payment companies, including Point International, Bambora, Trustly, and PayWithMyBank. In addition, Nordic Capital has invested in a variety of financial services businesses—including insurance carriers—for many years, bringing an extensive network of industrial advisors and an in-house operations team. This transaction represents Nordic Capital’s third investment in a software company in North America in the last couple of months.

Nick Cayer, Managing Director, Great Hill Partners.

“Nordic Capital is a longtime admirer of One Inc, which has stood out for solving the unique and complex challenges of digital payments in the insurance industry,” commented Fredrik Näslund, Partner and Head of Technology & Payments, and Mohit Agnihotri, Partner, Nordic Capital Advisors in a written statement. “Through its innovative solutions, the Company is transforming and simplifying payments for the entire insurance ecosystem benefitting carriers, consumers, and vendors alike. The management team, together with Great Hill Partners, has achieved impressive results. Nordic Capital is thrilled to be joining them for the next leg of the Company’s growth journey and utilizing our combined deep sector experience, extensive network, and active owner approach to fuel One Inc’s ambitious growth plans even further.”

Rapid Growth

Matthew Vettel, Managing Partner, Great Hill Partners.

“One Inc has been at the forefront of helping to shape the future of the insurance industry through digitalization and transformative products that seek to make the payment process as seamless as possible,” commented Matt Vettel and Nick Cayer, Managing Directors at Great Hill Partners, commented. “Led by a seasoned and talented management team, the Company has consistently demonstrated its ability to innovate for customers. Since our initial investment in One Inc, the business has rapidly grown volume processed by 13x and is still early in market adoption, so we continue to have strong conviction in its potential to further scale. We welcome Nordic Capital to the investor group and look forward to combining our expertise with their deep industry experience to support the Company’s continued growth.”

In addition to One Inc, Great Hill’s current portfolio of financial technology and payment companies includes NMI, Paytronix, Vanco and VersaPay. Prior financial technology and payment investments include Accelerated Payment Technologies, AffiniPay, BillMatrix, Chrome River, Confirmation.com, Custom House, MineralTree and Vigo.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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