Ever since two top Goldman Sachs executives left its consumer bank, Marcus, last year to join retail titan Walmart, financial and payments circles have been abuzz wondering what they were up to. Now we know.
Walmart on Wednesday announced the Hazel venture they joined is launching a financial services app business, targeting workers and consumers alike. To make it happen, the venture with Ribbit Capital launched last year is buying two California fintechs, the release said.
One of the former Marcus executives, Omer Ismail, will become CEO of the new “super app” business, to be called One, the release said. The other, David Stark, will have a “senior leadership role” at One and the name Hazel will disappear, a spokesperson for the companies said.Payments Dive