OnePay, the consumer financial-technology platform backed by retail giant Walmart, appointed Patrick O’Connell as its new chief financial officer last week, according to a Thursday (Jan. 29) press release. O’Connell joins the company from AMC Networks, where he has served as executive vice president and CFO since 2022.
According to the announcement, O’Connell will assume the role in March following the conclusion of his tenure at the media company. He is tasked with overseeing finance, strategy and long-term planning for the FinTech firm. His background includes senior strategy roles at CBS Corporation and a 14-year tenure at Goldman Sachs, where he advised executives and boards on major financial transactions. OnePay CEO Omer Ismail stated the appointment comes at a “pivotal time,” citing O’Connell’s experience helping companies navigate significant operational shifts.
The executive hiring occurs amid a period of rapid scaling for OnePay. A report by PYMNTS indicates the company recently reached a valuation of $4 billion, up from $2.5 billion in 2024, following a share repurchase program. Since becoming operational less than four years ago, the platform has grown to serve more than 3 million monthly active users, aided significantly by its distribution partnership with Walmart.
O’Connell joins shortly after OnePay unveiled a strategic push into post-purchase financing. Earlier in January, the company announced a partnership with Klarna to launch “Swipe to Finance,” a feature allowing users to retroactively convert eligible debit purchases into fixed-term payment plans. The tool, expected to launch in the coming months, is designed to help consumers manage cash flow by splitting completed transactions into installments within the OnePay app.
This product expansion reflects a broader industry trend in which traditional banking and “buy now, pay later” (BNPL) providers are converging, according to PYMNTS.
As debit cards increasingly support installment conversions, firms are aiming to address consumer demand for “financial triage” to help manage timing mismatches between income and obligations. OnePay, which provides banking services through partnerships with FDIC-insured institutions like Coastal Community Bank, stated the new feature capitalizes on Klarna’s established role as Walmart’s exclusive provider of installment loans.
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