Exhibit 99.1

Higher One Holdings, Inc. Reports First Quarter 2011 Financial Results

New Haven, CT, May 3, 2011 – Higher One Holdings, Inc. (NYSE: ONE) (“Higher One”) today announced financial results for the first quarter of 2011. The technology and payments services provider reported revenue of $51.4 million, up 32% from $38.9 million in the first quarter of 2010. The year-over-year revenue growth was primarily attributable to an increase in the number of OneAccounts and an increase in the number of higher education institutions contracted for our services.

“I’m pleased to report another strong financial quarter,” stated Dean Hatton, President and CEO of Higher One. “Our focus and the experience we’ve gained over the past decade, our proprietary technology and specific understanding of the regulatory environment, and our hundreds of client references put us in an extremely strong and unique competitive position. We continue to make enhancements to our products based on feedback from the administrators and students we serve, helping us maintain and build upon our substantial leadership position in the market.”

Higher One also reported GAAP net income of $11.0 million, and non-GAAP adjusted net income, which excludes certain non-recurring or non-cash items, stock-based compensation, stock-based and other customer acquisition expense, and amortization of intangible assets, of $14.4 million. GAAP diluted EPS was $0.19 in the quarter, up from $0.15 in the first quarter of 2010. Non-GAAP adjusted diluted EPS was $0.24, up from $0.19 for the same period a year ago. In the first quarter of 2011, non-GAAP adjusted EBITDA was $24.0 million, up 34% from $17.9 million in the same period last year.

The number of OneAccounts at the end of the first quarter of 2011 totaled 1.8 million, up 46% from 1.2 million in the first quarter of 2010. Total enrollment at higher education clients that have purchased the OneDisburse^® product increased to 3.4 million, an increase of approximately 729,000 from 2.7 million in the first quarter of 2010. Total enrollment at higher education clients that have purchased the CASHNet^® suite of payment products increased to 2.5 million, up approximately 313,000 from 2.2 million in the same period last year.

Operating cash flow in the quarter was $20.4 million, up 18% from $17.3 million in the first quarter of 2010. Cash, cash equivalents, and liquid investments totaled $67.8 million as of March 31, 2011.

Higher One reaffirmed full-year 2011 revenue guidance of $180.0 – $188.0 million. The company increased full-year 2011 guidance for GAAP diluted EPS to $0.42 – $0.59, and increased non-GAAP adjusted diluted EPS to $0.69 – $0.75. Higher One issued revenue guidance for the second quarter of 2011 of $33.0 – $35.0 million. The company issued GAAP diluted EPS guidance for the second quarter of 2011 of $0.02 – $0.09. Noting that GAAP diluted EPS is subject to material and unpredictable impacts from certain M&A-related customer acquisition expenses, the company issued second quarter 2011 non-GAAP adjusted diluted EPS guidance of $0.09 – $0.11. The company believes that the non-GAAP adjusted diluted EPS measure, which excludes certain expenses related to a one-time ATM fleet upgrade, stock-based compensation, stock-based and other customer acquisition expense, and

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amortization of intangible assets, and the related tax expense, as well as gains related to the settlement of litigation, 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. ET today to discuss first 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://www.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 5.4 million students at distinguished public and private higher education institutions nationwide. More information about Higher One can be found at http://www.higherone.com.

Forward-Looking Statements

This press release includes forward-looking statements, as defined by the Securities and Exchange Commission (“SEC”). Management’s projections and expectations are subject to a number of risks and uncertainties that could cause actual performance to differ materially from that 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.

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 non-recurring 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.

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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

(a) Estimated Non-GAAP amounts above for the three months ending June 30, 2010 reflect the estimated quarterly adjustments that exclude (i) expenses related to the one-time ATM fleet upgrade of approximately $200,000, (ii) the amortization of intangibles and finance costs of approximately $800,000, (iii) stock-based compensation expense of approximately $1.0 million, (iv) stock-based and other customer acquisition expense of approximately $1.5 million to $7.0 million, and (v) the gain related to the settlement of litigation with the former stockholders of Informed Decisions Corporation of approximately $1.5 million.

Stock-based and other customer acquisition expense primarily relates to our acquisition of EduCard in 2008, in connection with which we issued restricted stock, and IDC in 2009. 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.

(b) Estimated Non-GAAP amounts above for the twelve months ending December 31, 2011 reflect the estimated annual adjustments, that exclude the amortization of (i) expenses related to the one-time ATM fleet upgrade of approximately $1.0 million, (ii) intangibles and finance costs of approximately $3.0 million, (iii) stock-based compensation expense of approximately $4.0 million, (iv) stock-based and other customer acquisition expense of approximately $8.0 million to $22.0 million, and (v) the gain related to the settlement of litigation with the former stockholders of Informed Decisions Corporation of approximately $1.5 million.

Stock-based and other customer acquisition expense primarily relates to our acquisition of EduCard in 2008, in connection with which we issued restricted stock, and IDC in 2009. 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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