In today’s FinTech news, Walmart’s Hazel buys two startups with an eye on developing a personal finance super app, while WEX teams with Bestpass to launch a toll management tool. Plus, Brazilian financial services super app Inter snaps up Usend to bolster its U.S. footprint.
Hazel, Walmart’s FinTech venture with Ribbit Capital, is looking to create a financial services super app with the acquisitions of Even Responsible Finance and One Finance. The newly combined startup will take on the name ONE. Headed by executives from Goldman Sachs, the rebranded Hazel will have a workforce topping 200 people with more than $250 million in cash to advance growth. The new entity will integrate into one app available to consumers everywhere as ONE and eventually will become part of Walmart’s physical and digital channels.
Toll management firm Bestpass is partnering with payment processing and information management company WEX to offer a new product for over-the-road (OTR) customers. WEX Fleet Tolls powered by Bestpass enables fleet customers to bypass toll accounts in favor of using their WEX card. The move gives WEX OTR customers the chance to sign up for Complete Pass Scout, a product by Bestpass that is accepted at most American toll roads.
Inter, a provider of financial and non-financial services to people in Brazil, has snapped up U.S. FinTech Usend, which offers cross-border money transfers to over 60 destination countries. Usend makes transfers in U.S. dollars and processes payments from numerous international platforms in Brazil, including Payoneer, Google, Airbnb, Taboola, Udemy and more.
Open banking is accelerating in much of the world and shows no signs of slowing down as more regions and organizations get on board with third-party financial service providers. Pinar Ozcan, professor of Entrepreneurship and Innovation at Saïd Business School, Oxford University, told PYMNTS that while the U.K. struggled in adopting opening banking early on, the concept is becoming more mainstream, with embedded finance becoming a fast-growing trend.