Draft:OnePay
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| Formerly | ONE, One Finance, Hazel |
|---|---|
| Company type | Private |
| Industry | Financial technology |
| Founded | 2022 (merger) |
| Headquarters | San Francisco, California New York City, New York |
Key people | Omer Ismail (CEO) |
| Products | Mobile banking Credit cards Cryptocurrency Buy now, pay later |
| Owner | Walmart (majority) Ribbit Capital |
Number of employees | 500+ |
| Website | onepay |
OnePay (formerly known as ONE) is an American financial technology company headquartered in San Francisco and New York City. Majority-owned by the retail corporation Walmart in partnership with venture capital firm Ribbit Capital, OnePay operates as a "super app" integrating digital banking, payments, lending, and investment services. The company was formed in 2022 through the merger of the neobank One Finance and the earned wage access platform Even.
History
[edit]Origins and Merger (2021–2022)
[edit]In January 2021, Walmart announced the creation of a strategic fintech joint venture with Ribbit Capital, the venture firm known for backing companies such as Robinhood and Credit Karma.[1] Internally codenamed "Project Hazel," the venture aimed to develop affordable financial products for Walmart's 1.6 million U.S. associates and 100 million weekly customers.[2]
In January 2022, the venture executed two simultaneous acquisitions: One Finance, a digital banking startup founded by Brian Hamilton, and Even, a financial benefits platform used by Walmart employees for early wage access. The combined entity was named ONE.[3] Omer Ismail, the former head of Goldman Sachs' consumer banking division (Marcus by Goldman Sachs), was appointed Chief Executive Officer.[4]
Expansion and Rebranding (2023–Present)
[edit]Following the merger, the company operated independently from Walmart while gradually integrating its services into the retailer's physical and digital ecosystem. In 2024, the company began replacing existing financial vendors within Walmart's operations. By March 2025, the company rebranded from "ONE" to OnePay to reflect its expansion into broader payment processing and wallet services.[5] In January 2026, OnePay reached a valuation of approximately $4 billion following a secondary share transaction.[6]
Products and Services
[edit]OnePay functions as a neobank, offering financial services through partnerships with chartered banks rather than holding a banking charter itself.
Banking and Payments
[edit]The primary OnePay offering is a mobile banking account with no monthly fees and overdraft protection. Banking services, including FDIC insurance, are provided by Coastal Community Bank.[7] The app integrates with Walmart's retail network, allowing customers to deposit and withdraw cash at Walmart locations without fees. The platform offers high-yield savings accounts, with enhanced interest rates available to customers who set up direct deposits or maintain minimum balances.
Credit and Lending
[edit]In 2025, OnePay replaced Capital One as the exclusive issuer of Walmart's co-branded credit cards. The credit program is managed in partnership with Synchrony Financial.[8] The app also features "Buy Now, Pay Later" (BNPL) capabilities, initially facilitated through a partnership with Klarna and later integrated as a proprietary offering.
Investments and Digital Assets
[edit]OnePay expanded into retail investing in late 2025. Through a partnership with Zero Hash, the platform enables users to buy, sell, and hold cryptocurrencies such as Bitcoin and Ethereum.[9] The app also provides fractional stock trading capabilities.
Corporate Affairs
[edit]Ownership and Funding
[edit]OnePay is a private company. While Walmart holds a majority stake, the company operates with a separate board of directors and management team. Other major investors include Ribbit Capital. As of 2026, the company employed over 500 people.
Leadership
[edit]The company is led by CEO Omer Ismail. The board of directors includes executives from Walmart, such as Walmart U.S. CEO John Furner, and partners from Ribbit Capital.
References
[edit]- ^ "Walmart creates fintech startup with Ribbit Capital". CNBC. 2021-01-11.
- ^ "Walmart-backed startup Hazel acquires Even and One to build finance super app". PYMNTS. 2022-01-26.
- ^ "Hazel Announces Definitive Merger Agreements with Even and ONE" (Press release). Walmart Corporate. 2022-01-26.
- ^ "Walmart poaches top Goldman bankers to run new fintech venture". Bloomberg. 2021-02-27.
- ^ "Walmart deepens relationship with OnePay, a one-stop finance app it helped create". Modern Retail. 2025-10-20.
- ^ "OnePay's $4 Billion Milestone and What It Signals for Walmart's Ecosystem". Winning with Walmart. 2026-01-09.
- ^ "One Debit Card Terms". Walmart. Retrieved 2026-01-11.
- ^ "OnePay and Synchrony to Launch New Industry-Leading Credit Card Program With Walmart" (Press release). Mastercard. 2025-06-09.
- ^ "Walmart's OnePay Adds Crypto Trading to Its Burgeoning Resume". PaymentsJournal. 2025-10-03.
Category:Financial technology companies of the United States Category:Walmart Category:Companies based in San Francisco Category:Companies based in New York City Category:2022 mergers and acquisitions Category:Mobile payment systems
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