Walmart-backed FinTech company OnePay has achieved a valuation of approximately $4 billion, a significant increase from its previous valuation of $2.5 billion in 2024. This notable rise follows the company’s recent employee share repurchase, as reported by Bloomberg News on January 9, 2024.
OnePay was established through the merger of two smaller financial technology firms, focusing on creating an all-in-one financial application. The company has experienced impressive growth, now boasting over 3 million monthly active users, largely due to its strategic partnership with Walmart. Its diverse offerings include a credit card, cryptocurrency trading, a buy now, pay later (BNPL) service, and an investing platform.
Innovations in Payment Security and Functionality
Recently, OnePay joined Google’s Agent Payments Protocol (AP2). This collaboration aims to enhance the security, transparency, and utility of agentic payments. OnePay will act as a credential provider within AP2, helping to define how payment methods are stored, selected, and utilized by artificial intelligence (AI) agents, according to the company’s statement in December 2023.
Commenting on the partnership with Walmart, Karen Webster, CEO of PYMNTS, highlighted the potential for disruption in the financial technology space. “The connectivity with brands enables a business model that does not depend on investor funding to address shortfalls in positive unit economics,” she stated. The scale of Walmart’s customer base and supplier relationships allows OnePay to link purchases with offers and financing in a way that few retailers can rival, except perhaps Amazon.
Integration of AI in Retail and Finance
OnePay’s upcoming launch of its cryptocurrency functionality exemplifies Walmart’s strategy to integrate emerging financial tools into everyday commerce without requiring customers to leave their familiar environment. A recent PYMNTS report elaborated on Walmart’s dual approach of adopting AI technologies while embedding AI leadership within its strategic decision-making.
In a related development, Walmart recently announced the integration of advertising into its AI shopping assistant, Sparky. This move reflects the company’s growing confidence in conversational commerce, positioning AI not merely as a utility but as a new interface for guiding customer discovery in intuitive ways.
Additionally, Walmart has strengthened its board with the appointment of Shishir Mehrotra, CEO of Superhuman, as an AI specialist. This strategic addition aims to enhance governance and direction as retailers navigate the implications of AI on product recommendations, personalization, supply chain automation, and customer engagement.
With its substantial valuation and innovative offerings, OnePay is poised to become a significant player in the financial technology landscape, leveraging Walmart’s massive ecosystem to redefine consumer finance.
