Walmart’s Fintech venture Hazel is collaborating with investment firm Ribbit Capital for the acquisition of fintech platforms Even and One. The deal also gains support from executives from Goldman Sachs as they aim to develop a financial service super app.
Based on a press release, the new startup will rebrand as ONE after the acquisition deal is complete. As a neobank, One Finance allows customers to easily manage their funds with lower fees.
Hazel To Launch A Comprehensive Financial Service App
The new fintech will be looking to become a comprehensive financial services app that allows users to manage and grow their funds. The company has already appointed Omer Ismail as its Chief Executive Officer while co-founder of One and Chief Executive Officer of Even will maintain leadership roles.
Following the acquisition, the combined entities now have a workforce of more than 200 people with over $250 million on the balance sheet.
“Consumers everywhere are being left behind by the world of financial services,” Ismail noted. He added that the goal of Hazel is to provide a product that provides consumers with the best way to spend. It is also in the interest of Hazel to offer them the best way to enable millions of consumers to spend and grow their money.
The combined company will be bringing together One Finance and financial benefits platform Even Responsible Finance, in partnership with Coastal Community Bank.
The two entities will be integrating into one app, which will be available as ONE to consumers everywhere.
Walmart Also Plans To Integrate ONE
Also, Walmart plans to integrate ONE to become part of its physical and digital channels. The retail giant plans to extend the financial services to its over 100 million weekly shoppers and more than 1.6 million U.S. associates.
President and Chief Officer of Walmart U.S., John Furner, stated that the company is always looking to deliver on its core mission of helping its customers save money and deliver better.
He added that customers are looking for improved services in the financial services area. To provide the customers’ needs, the company has decided to create a simple and personalized app that enables users to easily manage their money.