- Walmart’s OnePay digital banking platform is partnering with DriveWealth to launch OnePay Invest, giving users access to stock and ETF trading within their existing app.
- Since acquiring fintechs Even and ONE, Walmart has built OnePay into a full-service app offering savings, credit-building, BNPL, and now investing.
- Integrating DriveWealth’s brokerage-as-a-service APIs, OnePay lowers the barrier to entry for first-time investors and strengthens Walmart’s bid to become a one-stop financial hub for everyday consumers.
Digital trading and brokerage company DriveWealth scored a partnership this week with Walmart’s digital banking platform OnePay, which will leverage DriveWealth’s brokerage-as-a-service offering to launch OnePay Invest.
Walmart launched OnePay in January 2021 through a partnership with Ribbit Capital. In January 2022, Walmart expanded OnePay’s capabilities by acquiring two fintech platforms, Even and ONE, which helped Walmart create a more comprehensive financial services app. Since then, Walmart has been actively building up OnePay to compete with top fintech startups by adding features such as a high-yield savings account, credit-building tools, and BNPL capabilities.
DriveWealth will give OnePay users a new way to invest in stocks and ETFs. OnePay Invest will offer users access to trading tools within the same mobile app they already use to save, spend, and borrow.
“OnePay puts everyday money decisions in one place. By embedding DriveWealth’s investing technology directly into that experience, we are giving millions of Americans simple, reliable access to invest where they already save and spend,” said DriveWealth CEO Naureen Hassan. “This partnership moves our shared mission forward: make investing available to anyone, anywhere.”
Many OnePay customers may be new to investing, and embedding DriveWealth’s tools directly into the OnePay app lowers the barrier to entry. By enabling users to explore stock and ETF investing within the same platform they already use to manage savings, spending, and borrowing, OnePay creates a simple on-ramp to wealth building.
The move also helps OnePay differentiate itself from competitors such as Chime and Dave, which both cater to similar underbanked populations but have yet to integrate investing capabilities. In combining everyday money management with access to the markets, OnePay is positioning itself as an all-in-one financial hub for the mass-market consumer.
Today’s partnership isn’t Walmart’s first attempt this month to bolster the capabilities of OnePay. On October 3, the company announced plans to offer crypto trading and custody in its mobile app, allowing users to buy, hold, and trade Bitcoin and Ether.
DriveWealth was founded in 2012 to allow third parties to enable access to US equities, fixed income, and other asset classes through scalable, compliant solutions via its suite of APIs. Earlier this year, the New York-based company teamed up with Moment Technology to make fixed-income investing more accessible to a broader range of investors.