Fintech Nexus Newsletter (April 23, 2024): Walmart’s One now offering BNPL in-store
One has kept a low profile since Walmart announced the creation of its new fintech startup in January 2021.
We have seen an occasional announcement, but the fintech startup has largely remained under the radar.
Today, CNBC is reporting that One is now offering BNPL loans in-store, putting it in direct competition with Affirm, which has had a long relationship with Walmart for installment loans.
Both Affirm and One are now available at checkout for Walmart consumers, who number over 200 million a week.
There are also rumors that Walmart will be ending its credit card partnership with Capital One and have One take over its co-branded and store cards.
It is not surprising to me that Walmart will be looking to expand its lending business. Omer Ismail is the CEO of One, but before that, he was part of the founding team at Marcus, which started as an installment lender.
Maybe this is the year that One comes out of the shadows and starts to assert itself as a fintech leader.
Featured
> Walmart-backed fintech One introduces buy now, pay later as it prepares bigger push into lending
One’s expanding role at Walmart raises the possibility that the company could force Affirm and others out of some of the most coveted partnerships in retail.
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