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Walmart's fintech startup has plans for a super app

It's the latest company to promote an all-in-one tool for finance.

Walmart logo on a store

Walmart is planning a super app.

Image: Mike Mozart / Protocol

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.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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