Walmart deepens relationship with OnePay, a one-stop finance app it helped create

This story was originally published on sister site, Modern Retail.

In 2021, Walmart said it would create a fintech startup with venture capital firm Ribbit Capital, which has backed companies such as BNPL loan provider Affirm and investing app Robinhood.

The goal at the time was to quickly develop modern and affordable financial products for Walmart employees and customers, the retailer said. 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.

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