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Walmart-backed fintech to test banking services in coming weeks – Bloomberg News




By: Reuters, September 14, 2022

Sept 14 (Reuters) – Walmart Inc’s fintech startup will start offering digital bank accounts to thousands of workers and a small percentage of its online customers in the coming weeks as part of an initial beta test, Bloomberg News reported on Wednesday.

The retailer launched a fintech startup with investment firm Ribbit Capital in January last year to develop financial products for its employees and customers.

The startup, which now operates under the name ‘One’ following the acquisition of two other financial services companies, is also hoping to offer other products including loans and investing services, according to the Bloomberg report, which cited people with knowledge of the matter.

Walmart did not immediately respond to a Reuters request for comment.

One, which is majority owned by Walmart and led by a former head of Goldman Sachs Group Inc’s consumer business, previously said it aims to create an all-in-one financial services app that allows consumers to spend, save, borrow and grow their money.