Walmart-backed Hazel to acquire Even and One

Hazel, the independent FinTech launched in partnership with Walmart and leading investment firm Ribbit Capital, has entered into an agreement to acquire FinTech platforms Even and ONE, as the company emerges from stealth.

The combined business, which will operate under the brand name ONE, will provide users with an all-in-one financial services app to holistically manage their finances in one place. The company’s products and services will be made available directly to consumers and through employers and merchants, including access to Walmart’s 1.6 million U.S. associates and 100 million-plus weekly shoppers.

The transactions are expected to close in the first half of 2022 pending approvals. Upon closing of the transactions, the combined business will have more than 200 employees and be capitalised with more than $250m in cash on the balance sheet to fund future growth.

ONE said millions of Americans today can’t access credit, build savings or wealth and are left to manage their financial lives through multiple disconnected apps. Moreover, almost a quarter of US adults are unbanked or underbanked and roughly 80% of FinTech users rely on multiple accounts to manage their finances, this is the problem ONE wants to take on.

Omer Ismail, incoming CEO of ONE, said, “Our vision is clear: build on Even and ONE’s success to offer a product that offers consumers the best way to spend, the best way to access their wages and helps millions save and grow their money. I’m looking forward to partnering with two stellar leaders in Brian and David to improve the financial lives of tens of millions of consumers.”

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