Walmart's fintech startup Hazel is to acquire earned wage access firm Even and neobanking ONE as it prepares to emerge from stealth mode.
Announced in January last year, Hazel is a joint venture that brings together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver "tech-driven financial experiences tailored to Walmart’s customers and associates".
Oerating under the brand name ONE, the combined businesses will provide users with an all-in-one financial services app and associated debit card to manage their saving, spending and borrowing in a single account. The company’s products and services will be made available directly to consumers and through employers and merchants, including access to Walmart’s 1.6 million U.S. associates and 100 million-plus weekly shoppers.
Omer Ismail, recruited from Goldman Sachs consumer business in March last year, will lead the combined business as CEO of ONE. Upon closing of the transactions, the company will have more than 200 employees and be capitalised with more than $250 million in cash on the balance sheet to fund future growth.
“Consumers everywhere are being left behind by the world of financial services,” says 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. 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.”