One, a Walmart-backed fintech firm, is preparing to launch with the introduction of digital bank accounts this month, Bloomberg reported citing unnamed sources. 

The new offering is aimed at the retail major’s 1.6 million US staff and customers. 

Initially, One plans to roll out the account to thousands of staff and a small portion of its online customers, sources told the publication. 

Later, the fintech will expand its products portfolio to include services such as investing and loans, they added.

One is being led by Omer Ismail, who joined the firm last year after spending almost two decades at Goldman Sachs, where he served as the head of its retail banking arm, Marcus.

In January 2021, the supermarket giant formed an alliance with fintech investment firm Ribbit Capital to launch a fintech start-up.

At the time, Walmart said its venture will offer a range of affordable financial solutions to its customers.

Earlier this year, the venture announced plans to buy digital banking account provider One Finance and Even Responsible Finance, which provides early access to wages, shedding more light on Walmart’s plans. 

As per the report, the deals closed in April this year and the combined entities have operated under the One brand since.

The fintech, majority-owned by Walmart, operates as an independent entity and employed 200 people with over $250m in cash on its balance sheet at the time of the close.