Walmart moving closer to offering checking accounts, banking services

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One, a fintech company backed by Walmart, will offer checking accounts to thousands of Walmart employees and a small percentage of its online customers for beta testing in the coming weeks, two people familiar with the matter said.

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The fintech aims to make accounts available to Walmart’s 1.6 million employees within a year before the services roll out more widely, the people said. It also expects to expand its offerings to loans and investments.

Bloomberg News First informed of on plans. Walmart declined to comment.

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Omer Ismail, One’s chief executive officer, joined the company last year after nearly two decades at Goldman Sachs and leading the Wall Street giant’s consumer-banking business, Marcus.

One’s banking services are underwritten by Coastal Community Bank, which has its own banking charter. One is majority owned by Walmart, but operates independently of the retail giant.

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The fintech startup was formed in January last year following an investment from Ribbit Capital. Now One employs more than 200 employees and is capitalized with more than $250 million on its balance sheet to fund future growth, which will include building an app that can be integrated into Walmart’s in-store and digital channels. will be done, according to its website.

Credit: nypost.com /

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