Walmart’s secretive fintech one is the new disruptor in consumer banking and the retailer has snapped up talent from wall street mainstays like goldman sachs
Hi. I am Aaron Weinmann. The most interesting thing I learned on my first visit to a Walmart was the sheer range of goods offered by the retailer. It turns out that diversity also extends to services – particularly banking.
Walmart has been sowing the seeds of a thriving fintech for some time now. Last January, the retailer announced it was seeking a partnership with venture capital firm Ribbit Capital, which backs Robinhood.
The next month, Walmart lured Omer Ismail and David Stark, two Goldman Sachs executives from Marcus, to work on a fintech initiative.
Now the company wants to introduce checking accounts for its employees and customers.
Sure, it's a big undertaking.
The U.S. consumer banking market is saturated with legacy banks like JPMorgan and Bank of America and fintech newcomers like PayPal and Cash App.
Insider's Ann Gehan, Carter Johnson and Ben Tobin identified the key people shaping this effort at its fintech called ONE.
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