BENTONVILLE, Ark. — Walmart has made no secret of expanding financial services products to its shopper base. The retail giant has joined forces with several financial technology (fintech) startups with plans to create a “neobank” that will enable customers to manage money with lower fees.
Walmart announced in January 2020 a strategic partnership with fintech investment firm Ribbit Capital to develop and offer affordable financial solutions. Ribbit’s investment portfolio includes Credit Karma, Affirm, and Robinhood. Walmart hired two Goldman Sachs execs to head up the new fintech venture named Hazel.
Last month, Walmart acquired the financial startup Even Responsible and One, a digital banking alternative founded in 2019 by Brian Hamilton.
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