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March 15, 2021

OneGold makes it easy to own precious metals

Oscar Hong

When OneGold set out to build a modern investment platform for precious metals, they focused on the payment step. That’s because buying precious metals has historically been a high-friction process for retailers and buyers alike, marked by costly bank wires, mailed checks, and phone calls to verify payments.

Moreover, in a commodity market, where prices can fluctuate by the second and inventory is hedged, delays in payment can add risk for retailers. Say that a check never arrives in the mail. Retailers can suffer market losses if product values fall while ill-fated payments are pending.

Based in Oklahoma City, OneGold was created by APMEX, a precious metals giant with $12 billion in sales over two decades. APMEX and OneGold CEO Ken Lewis saw the opportunity for a bullion retailer to offer a digital-first investment platform. In 2018, OneGold was founded with one goal in mind.

“We wanted to make owning precious metals easier than it’s ever been,” says Lewis.

One obvious option to make buying gold easy was to offer ACH payments. But even then, asking customers to manually enter their account and routing numbers can be cumbersome and error-prone.

OneGold needed a way to allow customers to quickly, easily, and securely connect their financial accounts. For that, they chose Plaid.