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January 26, 2022Blog Posts

Walmart-backed start-up is acquiring two fintech companies, Even and ONE

CNBC

A financial technology start-up that Walmart created and backed said Wednesday it is acquiring two more companies as it aims to build an all-in-one app where consumers can manage their money.

The combined company will be called ONE, the name of one of the firms that the fintech start-up is acquiring. It is also purchasing another fintech company, Even. Financial terms were not disclosed.

Walmart — the country’s largest private employer and biggest grocer — announced an effort last year to develop unique, affordable financial products that it could offer its millions of customers and employees. It said it was teaming up with Ribbit Capital, one of the investment firms behind Robinhood, to launch an independent fintech start-up.

The venture hired two Goldman Sachs bankers to help spearhead the effort, including Omer Ismail, who led Goldman’s consumer bank. Ismail will lead ONE, according to Wednesday’s news release.

Walmart has the majority stake of the start-up, which until now had been called Hazel, and its board includes several top executives, including Walmart’s chief financial officer, Brett Biggs, and Walmart U.S. CEO John Furner.

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