Walmart in partnership with investment firm Ribbit Capital, is reportedly spearheading a funding round of over $300 million for the fintech startup One, valuing the company at $2.5 billion before the new funds are raised. Walmart, which holds a majority stake in One, created the startup in collaboration with Ribbit in 2021 to combine its retail scale with Ribbit’s expertise in financial technology. One aims to deliver financial services tailored to Walmart’s extensive customer base and a workforce of 1.6 million employees. The company now offers products such as debit cards, payment services, installment loans, and early wage access for employees, with plans to launch Walmart’s new credit card in 2025.
One has seen significant growth, with over $200 million in run-rate revenue and processing more than $15 billion in payment flows annually. The company began rolling out services in Walmart stores two years ago and has expanded to include buy now, pay later loans for high-value purchases. Ribbit Capital, known for backing companies like Robinhood and Credit Karma, adds its fintech expertise to this partnership. Walmart Chief Financial Officer John David Rainey has highlighted financial services as an area for growth, signaling the company’s ambition to bolster its footprint in the fintech sector.
