Walmart Startup Buying Fintech Platforms; Plans Unified Financial App

Walmart and Ribbit Capital’s financial tech company, Hazel, signed definitive agreements to acquire fintech platforms Even and One, marking the startup’s emergence from “stealth mode,” Hazel said Wednesday. Expected to close in first half 2022, pending approvals, the transactions will give the combined business, to be branded One, “immediate momentum” toward delivering a single financial services app that will allow consumers to “get paid, spend, save, borrow and grow their money,” Hazel said. About 80% of fintech users rely on multiple accounts to manage their finances, it said: One will let users “holistically manage their finances in one place.” Omer Ismail will lead One; David Baga, Even CEO, and One co-founder Brian Hamilton will remain in key leadership roles, it said. Upon closing, the combined business will have more than 200 employees and be capitalized with $250 million to fund future growth, it said. Over time, the One app will be integrated into Walmart’s physical and digital channels, with access to the retailer’s 1.6 million U.S. associates and 100 million-plus weekly shoppers. The stand-alone company and One app will be available directly to U.S. consumers and through partnerships with other employers and merchants, Hazel said.