Walmart-backed fintech to test banking in coming weeks – sources

Walmart-backed fintech to test banking in coming weeks – sources

Written by Lanan Nguyen and Siddharth Cavalli

(Reuters) – One, a Walmart-backed fintech company (NYSE: Inc), will offer checking accounts for thousands of Walmart employees and a small percentage of its customers online for beta testing in the coming weeks, two people familiar with the matter said. .

The fintech aims to make the accounts available to Walmart’s 1.6 million employees within a year before the services are rolled out more widely, the people said. It also hopes to expand its offering of loans and investments.

Bloomberg News earlier reported about the plans. Walmart declined to comment.

Omar Ismail, CEO of One, joined the company last year after nearly two decades at Goldman Sachs (NYSE:) and led Wall Street’s giant consumer banking firm, Marcus.

Individual banking is backed by Coastal Community Bank, which holds its own banking charter. One is owned by Walmart, but operates independently of the retail giant.

The fintech startup was formed after an investment from Ribbit Capital in January of last year. Now One employs more than 200 employees and has more than $250 million on its balance sheet to fund future growth, which includes building an app that will be integrated into Walmart’s in-store and digital channels, according to its website 01/26/2022 / Hazel- Announces definitive merger agreements with one spouse and one spouse to build businesses that empower consumers to improve their capabilities – financial life. Walmart shares rose 0.7% in morning trading on Wednesday.

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