A Walmart-backed fintech startup is buying two companies in an effort to become the latest super app to handle all of a consumer's financial needs.
The new company, which is majority-owned by Walmart and also backed by Robinhood investor Ribbit Capital, is buying Even, an early wage access startup that already has Walmart as a customer. It is also buying One Finance, a neobank. The new combination of the three companies will take the One name. Even and One had a combined valuation of $400 million, according to the Wall Street Journal.
The new company is headed by two former Goldman Sachs executives, including Omer Ismail, its CEO, who was previously head of Goldman's Marcus unit.
PayPal, Block, Affirm and others are also building out their own version of a super app, with services including shopping, payments, savings, banking and crypto.