Walmart

Walmart-backed fintech One to test banking services

Walmart-backed fintech One to test banking services
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One, a fintech company backed by Walmart, will introduce checking accounts to thousands of Walmart employees and a small percentage of its online customers for beta testing in the coming weeks, two people familiar with the matter said.

The fintech aims to make the accounts available to Walmart’s 1.6 million employees within a year, before the services roll out more widely, the people said. It also hopes to expand its offering into loans and investments.

Bloomberg News previously reported on the plans. Walmart declined to comment.

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Omer Ismail, One’s chief executive officer, joined the company last year after spending nearly two decades with Goldman Sachs and running Marcus, the Wall Street giant’s consumer banking business.

One’s banking services are supported by Coastal Community Bank, which has its banking charter. One is largely owned by Walmart but operates independently of the retail giant.

The fintech startup was created after an investment by Ribbit Capital in January last year. Now One employs more than 200 people and is capitalized with more than $250 million on balance sheets to fund future growth, including creating an app that will integrate into Walmart’s in-store and digital channels, according to the website.

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