Nordic Capital joins forces with Great Hill Partners in One Inc investment to modernize insurance payments

In a significant stride towards the modernization of the insurance payment landscape, Nordic Capital, renowned for its active involvement and expertise in Technology & Payments globally, has announced its investment in One Inc. This digital payments platform, dedicated to revolutionizing the North American insurance industry, will see Nordic Capital joining hands with Great Hill Partners, a private equity firm known for backing high-growth, disruptive companies. Great Hill Partners initially invested in One Inc in 2020 and, alongside Nordic Capital, will hold an equal stake, complemented by a considerable ongoing investment from One Inc’s current management team.

Founded in 2012, One Inc has embarked on a mission to digitalize and modernize insurance payments, leveraging cutting-edge technology to place customers at the heart of every transaction. The platform’s comprehensive approach encompasses everything from premium payments to claims disbursement, ensuring a seamless experience by integrating all payment flows. With close to 500 employees, One Inc processes annual payments amounting to USD 70 billion and boasts one of the industry’s largest networks, serving over 240 customers, including key players like Amica Insurance and MAPFRE.

The backdrop of digital transformation, economic shifts, and environmental challenges has compelled the insurance sector to seek innovation and optimization actively. With over 65% year-over-year revenue growth, One Inc’s payment network is primed to drive significant transformation within the industry.

Nordic Capital, with its three-decade track record of fostering the growth of innovative technology companies, aims to apply its deep sector knowledge and operational expertise to further One Inc’s ambitious objectives. This partnership is underscored by Nordic Capital’s extensive experience in nurturing technology and payment companies, marking this transaction as its third investment in a North American innovative software company in recent months.

Fredrik Näslund and Mohit Agnihotri, Partners at Nordic Capital Advisors, expressed their enthusiasm for One Inc’s unique solutions to digital payments in the insurance sector, emphasizing the potential for transformative impact on carriers, consumers, and vendors. They highlighted the impressive achievements of the management team in collaboration with Great Hill Partners and expressed eagerness to contribute to One Inc’s next growth phase.

Matt Vettel and Nick Cayer, Managing Directors at Great Hill Partners, acknowledged One Inc’s role in shaping the future of the insurance industry through digitalization and transformative products. They noted the company’s exponential growth and untapped market potential, welcoming Nordic Capital to the investor group to synergize expertise for continued growth.

Ian Drysdale, CEO of One Inc, remarked on the business’s remarkable growth and customer loyalty, attributing it to the strong focus on insurer clients’ needs. He emphasized the anticipated product innovation and growth opportunities stemming from the partnership with Nordic Capital and Great Hill.

The transaction, whose terms remain undisclosed, awaits customary regulatory approvals. Financial advisement for One Inc is provided by Raymond James, J.P. Morgan, and TD Cowen, with legal advisement by Goodwin Procter LLP. Nordic Capital’s financial advisor is William Blair, with Kirkland & Ellis as the legal advisor.

This strategic investment by Nordic Capital and Great Hill Partners in One Inc underscores a shared vision for the future of insurance payments, heralding a new era of efficiency, security, and customer-centric services in the insurance industry.

The collaboration between Nordic Capital and Great Hill Partners in investing in One Inc signifies a pivotal moment in the insurance industry’s journey towards digitalization and modernization. This partnership not only highlights the increasing importance of innovative digital payment solutions in enhancing customer experience and operational efficiency but also sets a benchmark for future investments in the sector. As One Inc continues to lead the way in transforming insurance payments, its growth trajectory will undoubtedly serve as a case study for innovation, scalability, and the significant impact of strategic investment partnerships on the financial technology landscape.