OnePay’s app offers cash-back rewards, a checking account, an investment platform and a buy now, pay later (BNPL) service, according to the report.
The app has been growing rapidly among Walmart customers and employees, in part by offering the retailers’ employees faster access to their paychecks and a higher interest rate on a savings account, the report said.
Now, OnePay is exploring partnerships with payroll firms and other companies to offer their employees direct deposit accounts, per the report.
OnePay CEO Omer Ismail said in the report that the company’s strategy is: “Get them to sign up for OnePay in the simplest, easiest way possible. Then show them the power of a one-stop shop to manage every aspect of their money.”
Walmart said in the report that it is investing in “financial services that make everyday money management more convenient and accessible” and that “OnePay is one example of how we are expanding these offerings.”
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It was reported in January that OnePay reached a valuation of $4 billion, up from $2.5 billion in 2024, after repurchasing shares from employees. That report said OnePay was formed with the aim of establishing an all-in-one financial app, has flourished thanks to its distribution with Walmart, and has grown to upwards of 3 million monthly active users.
The company said in April that it aims to add stablecoin payouts and account funding to its banking product through a new partnership with the Tempo blockchain. OnePay said that with the addition of stablecoin infrastructure, it aims to enable always-on settlement, lower infrastructure costs and new ways to move money in and out of its platform.
OnePay also announced in April that it launched a product called the Builder Card that is designed to provide Americans with a starting point for building credit. The card is integrated into the OnePay app and connected to a customer’s Cash account. OnePay said the launch of the Builder Card is part of the company’s broader effort to combine banking, credit and everyday money tools in one easy-to-use experience.
