Walmart Acquires Fintechs Even and ONE to Build Financial Super App
On January 26, 2022, Walmart announced the acquisition of two fintech startups, Even and ONE, through its independent fintech venture Hazel, created in partnership with Ribbit Capital. The combined business will operate under the ONE brand, offering an all-in-one financial services application designed to help customers holistically manage their finances. Even had previously provided earned wage access and financial planning tools, while ONE offered banking and savings products.
The merged entity gains immediate access to Walmart's massive distribution network of 1.6 million U.S. associates and more than 100 million weekly shoppers. This move represents one of the largest embedded finance plays by a traditional retailer, signaling Walmart's serious ambitions to compete in consumer financial services. Financial terms of the acquisitions were not publicly disclosed.
The deal positions Walmart to offer comprehensive financial services directly through its retail ecosystem, bypassing traditional banking channels.
- Major retailer deepens embedded finance strategy, potentially disrupting consumer banking with massive built-in distribution
- Signals that large non-bank enterprises view financial services as core to customer retention and monetization