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Report: Walmart will soon launch checking accounts

1 min read
Report: Walmart will soon test checking accounts
(Photo by Mario Anzuoni/Reuters)

In the coming weeks, One, a fintech company backed by Walmart, will be launching checking accounts for thousands of Walmart employees and a small portion of its online customers for beta testing, as per Bloomberg.

Before releasing services publicly, the fintech wants to make the accounts available to Walmart’s 1.6 million employees within a year, according to the reports. Also, it wants to add loans and investments to its list of services.

Omer Ismail, the CEO of One, joined the company in 2017 after nearly two decades at Goldman Sachs, where he led the consumer banking division, Marcus.

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Coastal Community Bank, which is authorized to do banking operations, supports One‘s banking services. One is mainly owned by Walmart but runs separately from the giant retail.

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