OnePay, the Walmart-backed fintech firm behind the retailer’s planned “super app,” has boosted its valuation to more than $4 billion after buying back employee shares, according to a person familiar with the deal. The mark-up follows a $2.5 billion valuation in 2024 and reflects rapid growth driven by its exclusive Walmart partnership, which has helped the app reach over 3 million monthly users and expand into credit cards, buy-now-pay-later, investing, and crypto services, reports Emily Mason of Bloomberg. She writes:
OnePay, the Walmart Inc.-backed fintech firm behind the “super app” that the world’s largest retailer is incorporating for customers, recently bought back shares from employees at a price that values the closely-held company at more than $4 billion, according to a person with knowledge of the matter.
That’s an increase from the $2.5 billion valuation it secured in 2024 after a $300 million investment round, which was led by Walmart and the investment firm Ribbit Capital, Bloomberg reported at the time. The New York-based company, formally known as One Finance Inc., declined to comment on the latest valuation.
OnePay was formed from the merger of two smaller fintech companies, with the goal of creating a one-stop shop financial app. It quickly grew to more than 3 million monthly active users through an exclusive distribution partnership with Walmart.
Since 2022, OnePay’s offerings have expanded to include a credit card, a buy now, pay later product, an investing platform and crypto trading.
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