Walmart Startup Hazel Acquires Two Fintech Firms to Develop Finance Super App

On January 26, Walmart’s fintech venture firm, Hazel, announced that it is acquiring two financial technology companies as it aims to develop a financial services super app where consumers can manage their money.

Hazel, a fintech startup that Walmart created and backed, said that it is acquiring a fintech firm called ‘Even Responsible Finance’ as well as another fintech company, ‘One Finance.’ Financial terms were undisclosed.

Last year, Walmart partnered with Ribbit Capital, one of the investment companies behind Robinhood, to launch an independent fintech startup. During that time, Walmart stated that the startup would build unique affordable financial products for its clients and employees.

Walmart owns the majority stake in the startup. The Board of Directors of the startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term include several top executives, including the CEO of Walmart US, John Furner and Brett Biggs, the Chief Financial Officer of Walmart.

The new combined business will rebrand itself as ‘ONE’. The new entity seeks to become a one-stop financial services app that allows consumers to manage and increase their finances. With two acquisitions closed, the combined business will have over $250 million in cash on the balance sheet and over 200 employees to develop growth.

The combined entity brings together the financial benefits of the platforms ‘One Finance’ and ‘Even Responsible Finance.’ The development will see the integration of the three businesses into one app which is available to customers everywhere worldwide as ‘ONE.’

In the future, the ONE app plans to become part of Walmart’s digital and physical channels to extend financial services to the retail giant’s 100 million-plus weekly shoppers and 1.6 million US associates.

Furner stated: “Walmart is constantly looking for new ways to deliver on our core mission of helping our customers save money and live better. Customers have made it clear that they want more from us in the financial services arena. Creating a simple personalized app that allows users to manage their money in one place is the natural next step toward fulfilling that.”

Walmart Is Committed to Accelerating Financial Inclusion

The announcement by the fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term backed by Walmart demonstrates the commitment being made by the giant retailer to develop modern innovative affordable financial solutions that fulfil consumers’ financial needs. For many years, Walmart has been offering domestic and international money transfers, tax preparation, bill pay services, prepaid debit cards and other financial services through its partnerships with fintech companies like PayPal, MoneyGram, NetSpend, Jackson Hewitt, American Express, Green Dot and others. In October last year, Walmart launched its pilot of Bitcoin ATM machines in 200 of its stores across the US to enable customers to buy Bitcoin at some of its stores. The move by Walmart expanding Bitcoin access to more people gave the cryptocurrency further legitimacy among skeptics.