Folsom-based financial technology company One Inc.'s new chief financial officer Michael Ellis has experience taking a private company public.
Ellis most recently was CFO at payment platform company BillGo, and until March he was CFO for nine years at Boston-based Flywire Corp., a global payments processor that went public in 2021.
“Michael’s proven track record, strong business leadership, and history of delivering results will be invaluable as we continue to innovate and drive growth in the rapidly evolving digital payments infrastructure landscape,” said One Inc. CEO Ian Drysdale, in a news release.
Founded in 2012, One Inc. offers insurance companies technology that helps with digitizing secure inbound payments, outbound claims payments and payables, such as refunds and commissions. Its systems are meant to replace paper and checks for insurance companies.
In early 2020, Boston-based private equity firm Great Hill Partners acquired One Inc. and provided capital to support its product growth. Great Hill Partners makes investments between $25 million and $500 million in high-growth companies in digital infrastructure, financial technology, health care and software.
In March this year, Stockholm-based Nordic Capital joined Great Hill Partners as an investor in One Inc. Nordic Capital makes investments in payment technology, financial services and health care. The companies did not say the value of Nordic’s stake.
Ellis’ hiring comes as One Inc. is planning to expand its digital payments platform and innovate new products to help insurance companies increase their revenue, the company said.
Ellis has more than 30 years of experience in financial services, and a long tenure in growing payment technology companies, including at Flywire (Nasdaq: FLYW), where he led that company through an initial public offering.
"I am thrilled to be joining One Inc, a company known for its best-in-class reputation for innovation in the digital payments space,” said Ellis, in a news release. "The insurance industry is challenged by a landscape shaped by digital transformation and economic shifts which demands constant reinvention and optimization."
Ellis will be working remotely out of Boston, according to his LinkedIn profile.
One Inc. has about 500 employees, and it handles annual payments of $81 billion. It has more than 245 customers in the insurance industry.
