"Walmart took majority ownership and added several top executives to its board, per CNBC. It would aim to become a one-stop shop for financial services for customers from a variety of socioeconomic groups, its CEO and former Goldman Sachs executive, Omer Ismail, told The Wall Street Journal when the company acquired two financial services firms and took on the brand name One."
"Now called OnePay after a rebrand in March, that vision is closer to reality. The firm now offers a suite of financial services including banking, credit cards and loans, all through the OnePay app, and it will soon launch investment services. In September, CNBC reported OnePay would add wireless plans, and this month, the same outlet reported that the firm would soon offer cryptocurrency trading through its app."
In 2021 Walmart and venture firm Ribbit Capital began building a fintech startup to develop modern, affordable financial products for Walmart employees and customers. Walmart took majority ownership and added top executives, aiming to become a one-stop shop for diverse socioeconomic customers under the brand One. Rebranded as OnePay in March, the company now offers banking, credit cards and loans via the OnePay app and plans to add investment services; reports also link OnePay to upcoming wireless plans and cryptocurrency trading. OnePay has not disclosed user counts or ownership details, and Walmart emphasizes protecting the retailer from financial-institution risks.
Read at Digiday
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