France-based green neobank OnlyOne has announced a EUR 35 million investment commitment from GEM Global Yield LLC SCS (“GGY”), the Luxembourg based $3.4 billion alternative investment group with offices in Paris, New York, and The Bahamas. GGY will provide OnlyOne with a share subscription facility of up to EUR 35 million for a 36-month term following a public listing, this will allow OnlyOne to draw down funds by issuing shares to GEM. OnlyOne will control the timing and amount of such drawdowns and has no minimum drawdown obligation.
OnlyOne will utilize this facility to tap further the full potential of the global neobank market which is expected to grow worldwide to over USD 2 Trillion dollars in the next eight years.
“We are pleased with GEM’s recognition of OnlyOne’s strong potential. This funding will allow us to accelerate our growth in France and Europe and consider the higher license demand to be an independent and strong financial institution. This will also allow us to develop an offer for professionals.”
Kamel has more than 20 years’ experience in retail banking, he held several positions, including in regulatory and compliance, for major French and international banks. With OnlyOne Kamel has built a mobile one-stop shop for consumer financial services with its own technology for good allowing tangible actions for the protection of the planet. From food and clothes to energy and transports, OnlyOne calculates the estimated carbon emissions of every card transaction, helping customers understand their individual impact on the planet. OnlyOne also helps customers act to reduce their impact with a proprietary eco-coach.
60% of French people think climate change needs an urgent response and are ready to change their consumption habits. Two-thirds of banking customers in France refuse to allow their savings to finance fossil fuels, and it is a global trend, for example, 61% banking customers in the U.K. said they wanted their banking provider to “do more to create a positive, social and environmental impact,” according to Deloitte.
Additionally, 71% would be more likely to choose a bank with a positive environmental and social impact.