Walmart’s OnePay digital banking platform is partnering with DriveWealth to launch OnePay Make investments, giving customers entry to inventory and ETF buying and selling inside their present app.
Since buying fintechs Even and ONE, Walmart has constructed OnePay right into a full-service app providing financial savings, credit-building, BNPL, and now investing.
Integrating DriveWealth’s brokerage-as-a-service APIs, OnePay lowers the barrier to entry for first-time buyers and strengthens Walmart’s bid to grow to be a one-stop monetary hub for on a regular basis customers.
Digital buying and selling and brokerage firm DriveWealth scored a partnership this week with Walmart’s digital banking platform OnePay, which is able to leverage DriveWealth’s brokerage-as-a-service providing to launch OnePay Make investments.
Walmart launched OnePay in January 2021 by a partnership with Ribbit Capital. In January 2022, Walmart expanded OnePay’s capabilities by buying two fintech platforms, Even and ONE, which helped Walmart create a extra complete monetary providers app. Since then, Walmart has been actively increase OnePay to compete with prime fintech startups by including options resembling a high-yield financial savings account, credit-building instruments, and BNPL capabilities.
DriveWealth will give OnePay customers a brand new strategy to spend money on shares and ETFs. OnePay Make investments will supply customers entry to buying and selling instruments inside the identical cellular app they already use to avoid wasting, spend, and borrow.
“OnePay places on a regular basis cash choices in a single place. By embedding DriveWealth’s investing expertise immediately into that have, we’re giving hundreds of thousands of People easy, dependable entry to speculate the place they already save and spend,” mentioned DriveWealth CEO Naureen Hassan. “This partnership strikes our shared mission ahead: make investing obtainable to anybody, anyplace.”
Many OnePay clients could also be new to investing, and embedding DriveWealth’s instruments immediately into the OnePay app lowers the barrier to entry. By enabling customers to discover inventory and ETF investing inside the identical platform they already use to handle financial savings, spending, and borrowing, OnePay creates a easy on-ramp to wealth constructing.
The transfer additionally helps OnePay differentiate itself from rivals resembling Chime and Dave, which each cater to related underbanked populations however have but to combine investing capabilities. In combining on a regular basis cash administration with entry to the markets, OnePay is positioning itself as an all-in-one monetary hub for the mass-market client.
In the present day’s partnership isn’t Walmart’s first try this month to bolster the capabilities of OnePay. On October 3, the corporate introduced plans to supply crypto buying and selling and custody in its cellular app, permitting customers to purchase, maintain, and commerce Bitcoin and Ether.
DriveWealth was based in 2012 to permit third events to allow entry to US equities, mounted earnings, and different asset lessons by scalable, compliant options through its suite of APIs. Earlier this 12 months, the New York-based firm teamed up with Second Expertise to make fixed-income investing extra accessible to a broader vary of buyers.
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