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The firm, where Walmart is the majority owner under a joint venture with Ribbit Capital, will buy Even Responsible Finance, which is used by employers to offer workers their paychecks early and counts Walmart as a large customer. It will also buy ONE Finance, a financial-services mobile app known as a neobank that allows users to manage money and apply for a debit card or other services that come with lower fees than traditional banks typically charge.
“The strategy is to build a financial services super app, a single place for consumers to manage their money,” he said. The acquisitions are expected to close in the first half of this year, the company said in a statement. The firm will have about $250 million of cash on hand after the acquisitions, according to the statement.
