Walmart backed fintech to launch checking accounts in weeks, sources say

One is a fintech startup that has got huge backing from America’s greatest retailer, Walmart. Now sources have told outlets that the fintech will be introducing checking accounts for thousands of employees of the giant retailer as well for some online customers of Walmart, in beta. The beta testing is expected to happen in the coming weeks, according to people who are familiar with the matter. On Wednesday, Walmart shares rose by 0.7 percent, in morning trading.

The sources, as reported by Reuters, also mentioned that all of the 1.6 million employees of Walmart are expected to have checking accounts within 12 months, following which the service would be broadened to include more people including Walmart customers. The finech expects to expand its operations and include offerings such as investments as well as loans, in future.

Although Walmart is the majority share holder in One, the fintech operates independently. Coastal Community Banks underpins One’s banking services and holds its banking charter.

In January 2021, One was formed after it received investment from Ribbit Capital. It has more than 200 employees and its market cap is over $250 million. The startup had announced that it was developing an app that would be able to integrate with both the in-store and digital channels of Walmart.

It looks like this integration with Walmart might be ready and a rollout of checking services could be launched in the following weeks. The checking service with One will be the latest financial service added by Walmart for its employees and customers.

Walmart has been putting in efforts to expand into the fintech market from years. It has mentioned in the past that it hoped to be a one-stop shop all the needs of its consumers including financial services. The retail giant already offers financial services to customers including cashing cheques, accessing services for tax preparation and sending money overseas with the help of partners.

Source  News

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