Independent fintech Hazel has signed a definitive agreement to acquire fintech platforms Even and ONE for an undisclosed sum.
Even is a financial benefits platform, which allows employees to access their wages on demand, budget and save.
ONE is a consumer fintech that allows customers to save, borrow and spend through one digital account.
With Walmart and Ribbit Capital as strategic backers, the combined entity will operate under the ONE brand upon completion of the merger.
Walmart US president and CEO John Furner said: “Customers have made it clear that they want more from us in the financial services arena.
“Creating a simple, personalized app that allows users to manage their money in one place is the natural next step toward fulfilling that.”
Ribbit Capital managing partner Micky Malka said: “The combination of these world-class teams and products will give ONE a unique opportunity to bring a new level of service and access to millions of Americans.”
The deal, which marks Hazel’s emergence from stealth mode, awaits regulatory clearance and is expected to close in the first half of 2022.
The fintech will offer an all-in-one financial services app allowing consumers to manage their finances in one place.
The products and services will be offered directly to consumers and through employers and merchants.
Omer Ismail will lead the combined entity as CEO. Even CEO David Baga and ONE co-founder Brian Hamilton will be in their leadership positions.
The merged entity will have over 200 employees and $250m in cash to fund future growth.
Ismail 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 am looking forward to partnering with two stellar leaders in Brian and David to improve the financial lives of tens of millions of consumers.”