Exhibit 99.1

Higher One Holdings, Inc. Reports Second-Quarter 2010 Financial Results

New Haven, CT, August 11, 2010 – Higher One Holdings, Inc. (NYSE: ONE) (“Higher One”) today announced financial results for the second quarter of 2010. The technology and payments services provider reported revenue of $26.9 million, up 116% from $12.5 million in the second quarter of 2009. The year-over-year revenue growth was primarily attributable to an increase in the number of OneAccounts, an increase in activity per OneAccount, and the addition of the results of Higher One Payments, Inc. (the Informed Decisions Corp. acquisition), which was acquired in the fourth quarter of 2009.

GAAP net income was $1.8 million, and non-GAAP adjusted net income, which excludes stock-based compensation, stock-based and other customer acquisition expense, and amortization of intangible assets, was $5.1 million. GAAP Diluted EPS was $0.03 cents in the quarter, up from $0.01 in the second quarter of 2009. Non-GAAP adjusted EPS was $0.09, up from $0.03 a year ago. In the second quarter of 2010, non-GAAP adjusted EBITDA was $9.2 million, more than tripling the non-GAAP adjusted EBITDA from the same period last year.

The number of OneAccounts at the end of the second quarter of 2010 totaled 1.2 million, up 82% from approximately 678,000 in the second quarter of 2009. Total enrollment at higher education clients who have purchased the OneDisburse product increased to 2.8 million, up approximately 739,000 from 2.1 million in the second quarter of 2009. Total enrollment at higher education clients who have purchased the CASHNet suite of payment products increased to 2.3 million, up approximately 665,000 from 1.7 million in the year-ago period.

“Our strong second quarter revenue growth is a testament to the effectiveness of the solutions we have built for institutions of higher education as they continue to look for ways to become more efficient,” explained Dean Hatton, President and CEO of Higher One. “That combined with our optional OneAccount offering, a free, FDIC-Insured checking account specifically tailored to the needs of college students, has enabled Higher One to distinguish itself from other providers of refund and payment services.”

Higher One completed a $124.2 million IPO on June 22^nd, 2010. The company sold 3.6 million primary shares in the offering, generating net proceeds of $37.8 million. “We were pleased to have been able to complete a deal in such volatile market conditions,” said Mark Volchek, co-founder, Chairman, and CFO of Higher One. “Our second quarter results exemplify the fundamental strengths of the Higher One business model. We have continued to grow our top-line while managing costs, as evidenced by a substantial improvement in our adjusted EBITDA and profit margins versus the second quarter of 2009.”

Cash and cash equivalents totaled $29.9 million at June 30, 2010, compared to $3.3 million at December 31, 2009. The company fully paid down the $10.5 million outstanding on its line of credit over the course of the second quarter.

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Higher One issued revenue guidance for the third quarter and full-year 2010 of $35.0 – $37.0 million and $131.0 – $135.0 million, respectively. The company issued GAAP diluted EPS guidance for the third quarter and full-year of 2010 of $0.00 – $0.08 and $0.20 – $0.32, respectively. Noting that GAAP diluted EPS is subject to material and unpredictable impacts from certain non-cash customer acquisition expenses, the company issued third quarter and full-year 2010 non-GAAP adjusted diluted EPS guidance of $0.12 – $0.13 and $0.48 – $0.52, respectively. The company believes that the non-GAAP adjusted diluted EPS measure, which excludes stock-based compensation, stock-based and other customer acquisition expense, and amortization of intangible assets, provides a useful view of more predictable and normalized business trends.

Quarterly Conference Call Information

Higher One will host a conference call at 5 p.m. EDT today to discuss second quarter results. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures can be accessed through Higher One’s investor relations website at http://ir.higherone.com/. In addition, an archive of the webcast will be available for 90 days through the same link.

About Higher One

Founded in 2000, Higher One is a leading company focused on helping higher education institution business offices manage operations and provide enhanced service to students. Through a full array of services from refunds, payments, electronic billing, payment plans and more, Higher One works closely with colleges and universities to ensure students receive Financial Aid refunds quickly, can pay tuition and bills online, make on-campus and community purchases, and learn the basics of financial management. Higher One provides its services to more than 4.8 million students at distinguished public and private higher education institutions nationwide. More information about Higher One can be found at http://higherone.com.

Forward-Looking Statements

This press release includes forward-looking statements, as defined by the Securities and Exchange Commission. Management’s projections and expectations are subject to a number of risks and uncertainties that could cause actual performance to differ materially from those predicted or implied. These statements speak only as of the date they are made, and the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof. Information about the factors that could affect future performance can be found in our recent SEC filings.

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Use of Non-GAAP Financial Measures

This release includes certain metrics presented on a non-GAAP basis, including non-GAAP adjusted EBITDA, non-GAAP adjusted net income, and non-GAAP adjusted EPS. We believe that these non-GAAP measures, which exclude amortization of intangibles, stock based compensation, and certain one-time or non-cash impacts to our results, all net of taxes, provide useful information regarding normalized trends relating to the company’s financial condition and results of operations. Reconciliations of these non-GAAP measures to their closest comparable GAAP measure are included in this press release.

Contacts

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Higher One Holdings, Inc.

Unaudited Condensed Consolidated Statements of Operations

(In thousands of dollars, except share and per share amounts)

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Higher One Holdings, Inc.

Unaudited Condensed Consolidated Balance Sheets

(In thousands of dollars, except share and per share amounts)

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Higher One Holdings, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands of dollars)

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Higher One Holdings, Inc.

Unaudited Supplemental Operating Data

(in thousands)

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Higher One Holdings, Inc.

Unaudited Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA

(in thousands)

Unaudited Reconciliation of GAAP Net Income and Diluted EPS to Non-GAAP Adjusted Net Income and

Adjusted Diluted EPS

(in thousands, except per share amounts)

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Higher One Holdings, Inc.

Business Outlook

Stock-based and other customer acquisition expense primarily relates to our acquisition of EduCard in 2008 and IDC in 2009, in connection with which we issued restricted stock. We calculate the stock-based and other customer acquisition expense based on the undergraduate enrollment at higher education clients acquired relating to the acquisition, and the market value of our common stock at the time the client is acquired. It is difficult to predict with any degree of certainty either the number of new higher education clients we will acquire, the timing of future customer acquisitions, or the market value of our common stock at any time, resulting in a wide range of expected expense.

Stock-based and other customer acquisition expense primarily relates to our acquisition of EduCard in 2008 and IDC in 2009, in connection with which we issued restricted stock. We calculate the stock-based and other customer acquisition expense based on the undergraduate enrollment at higher education clients acquired relating to the acquisition, and the market value of our common stock at the time the client is acquired. It is difficult to predict with any degree of certainty either the number of new higher education clients we will acquire, the timing of future customer acquisitions, or the market value of our common stock at any time, resulting in a wide range of expected expense.

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