The move marks a major escalation in the world’s largest retailer’s foray into financial services, with lending and investing products expected to follow.
The bank account will be offered through One, the independent fintech unit Walmart has established under the leadership of former Goldman Sachs consumer banking chief Omer Ismail.
Initially called Hazel, the unit rebranded earlier this year after it acquired neobanking player One and earned wage access firm Even. At the time it already had 200 employees and more than $250 million in cash on its balance sheet.
Walmart has 1.6 million US associates and 100 million-plus weekly shoppers. Initially, the checking account will be tested with thousands of staffers and a small percentage of the retailer’s online customers, says Bloomberg.,Walmart is just weeks away from beta testing a digital checking account with employees and customers, according to Bloomberg.,
