OneStep Financial Fires Up for Fiat DLT Cash Adventures

With the backing of Anglo-Polish firm Billon, the fintech startup wants to “transform 50-year-old payment rails into one-step, atomic transactions”.

London-based OneStep Financial has stepped into the fintech arena with the launch of refunds, claims and inclusion payouts via a new form of fiat DLT cash.

While OneStep is a UK fintech startup, it is powered by Anglo-Polish blockchain firm Billon. David Putts is OneStep’s CEO and Billon’s Chief Growth Officer. In addition, OneStep’s CRO, CTO and COO are all prominent members of Billon.

OneStep doesn’t get a mention in Billon’s press room, but its API-driven ambitions are clear. The new blockchain company wants to “transform 50-year-old payment rails into one-step, atomic transactions” (i.e., money and data).

Billon has been around since 2015 and created a DLT protocol and system for national currency payments and document storage.

OneStep is a new venture from an old face – and offers e-money account and payment products, integrated with traditional payment rails. Its “true cash” tokenisation approach means it provides a stored value system for real-time payments that can be automated with programmable logic.

The startup provides corporate and merchant panels, and a mobile app for consumers.

The new firm explains: “We believe blockchain’s long-term future lies in innovating all forms of peer-to-peer transactions using fiat currency, and the power of distributed computing and protected identities will result in a new world of digital finance.”

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It’s targeting three main areas – B2C, C2B, and B2B/C2C.

For B2C this means loyalty and claims products, and for C2B it’s all about e-commerce. In terms of B2B/C2C, this comprises remittances and the underbanked & unbanked segments.

The company has agency services on its mind as well. It will provide white label products and APIs for enterprises’ solution. As it is the creation of Billon, OneStep can provide the platform and interconnectivity to global payment networks. OneStep uses Unified Enterprise DLT, a patented platform from Billon.

According to Crunchbase, OneStep raised an undisclosed amount of funding in May in a pre-Seed round.

Billon has offices in London and Warsaw. Its DLT protocol has been supported by R&D grants, including the EU Horizon 2020 program. Billon subsidiary companies are licensed to issue electronic money by regulators in the UK and Poland.

Billon’s partner list includes companies such as FIS, Raiffeisen Bank International and BIK (a Polish credit reporting agency).

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Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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