Walmart-backed financial startup buys 2 companies
ABC News
The financial technology startup that Walmart is backing will buy two financial companies as it tries to create one app where shoppers can do different financial activities from getting paid to borrowing and saving money
NEW YORK -- The financial technology startup that Walmart is backing will acquire two financial companies as it tries to create one app where shoppers can do different financial activities from getting paid to borrowing and saving money.
The venture called Hazel will purchase Even, a financial benefits platform that enables employees to access their earned wages early. It's also buying ONE Finance Corp. which combines saving, spending and borrowing in one account and also lets customers apply for a debit card. The combined business will operate under ONE. The transactions are expected to close in the first half of this year.
Omer Ismail, a Goldman Sachs Group Inc. veteran, will lead ONE as CEO. Walmart recruited him last year.
The announcement, first reported by The Wall Street Journal, comes a year after Walmart said it was creating a fintech start-up with Ribbit Capital, one of the venture capital firms behind Robinhood.
