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The Supply Side: Walmart looks to fintech as new profit center

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Walmart has made no secret of expanding financial services products to its shopper base. The retail giant has joined forces with several financial technology (fintech) startups with plans to create a “neobank” that will enable customers to manage money with lower fees.

Walmart announced in January 2020 a strategic partnership with fintech investment firm Ribbit Capital to develop and offer affordable financial solutions. Ribbit’s investment portfolio includes Credit Karma, Affirm and Robinhood. Walmart hired two Goldman Sachs execs to head up the new fintech venture named Hazel.

Last month, Walmart acquired the financial startup Even Responsible and One, a digital banking alternative founded in 2019 by Brian Hamilton.

Pending regulatory approval, all the startups will operate under the name ONE, with Omer Ismail as CEO. The combined entity will have a workforce exceeding 200 people and have more than $250 million in cash on the balance sheet to advance growth, according to the Walmart release on Jan. 26.

“Consumers everywhere are being left behind by the world…

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