Walmart appears rather serious about its plans to venture into fintech. More specifically, its fintech startup Hazel is making some substantial acquisitions. Coming out of stealth is all but inevitable at this stage.
Walmart in Fintech Via Hazel
For those who remember, Walmart surprised the world by announcing its fintech plans in January of 2021. Through the Hazel outfit and collaboration with Ribbit, Walmart aims to solidify its position in the financial technology market. More specifically, Hazel is designed to provide tech-driven financial experiences tailored to Walmart’s customers and associates.
Now that Hazel acquired Even – an earned wage access firm – and ONE – a neobanking outfit – it appears the venture is picking up speed. Until now, Hazel only existed in stealth mode, with no one being any wiser on what the company will bring to the table. It seems we may get an answer to that question sooner rather than later.
The brand “ONE” will represent the combined business entities and provide users with an all-in-one financial services app and debit card. Both solutions will help users manage their saving, spending, and borrowing through a single account, streamlining financial services. All products and services will be made accessible to consumers directly. Furthermore, employers and merchants can extend these services to others.
Omer Ismail, formerly Goldman Sachs and now CEO of ONE, comments:
“Consumers everywhere are being left behind by the world of financial services. 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. I’m looking forward to partnering with two stellar leaders in Brian and David to improve the financial lives of tens of millions of consumers.”