Walmart’s FinTech venture Hazel, launched last January with investment firm Ribbit Capital and headed by executives from Goldman Sachs, is aiming to develop a financial services super app with the acquisitions of Even Responsible Finance and One Finance.
The new startup will rebrand under the name ONE, according to a press release on Wednesday (Jan. 26). One Finance is a neobank that enables customers to manage their money with lower fees. Even Responsible Finance is used by employers to give employees their paychecks early; Walmart is a big client.
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The new FinTech aims to become a one-stop financial services app that enables users to manage and grow their money. Omer Ismail will take on the role of CEO of ONE. David Baga, CEO of Even, and Brian Hamilton, co-founder of One, will stay on in leadership roles.
The combined entity will have a workforce exceeding 200 people and have over $250 million in cash on the balance sheet to advance growth.
“Consumers everywhere are being left behind by the world of financial services,” said Ismail. “Our vision is clear: build on Even and One’s success to offer a product that offers consumers the best way to spend, the best way to access their wages and helps millions save and grow their money.”
Read more: Walmart Sharpens FinTech Super App Ambition, Poaches Goldman’s Marcus Team
The combined company brings together financial benefits platform Even Responsible Finance, and One Finance, a direct-to-consumer FinTech in partnership with Coastal Community Bank. Both businesses will integrate into one app available to consumers everywhere as ONE.
In the future, the ONE app will become part of Walmart’s physical and digital channels, extending financial services to the retail giant’s 1.6 million U.S. associates and 100 million-plus weekly shoppers.
“Walmart is constantly looking for new ways to deliver on our core mission of helping our customers save money and live better,” said John Furner, president and CEO, Walmart U.S. and board member of the combined business.
“Customers have made it clear that they want more from us in the financial services arena. Creating a simple, personalized app that allows users to manage their money in one place is the natural next step toward fulfilling that,” Furner said.
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