Walmart-backed (WMT) fintech One has introduced buy-now-pay-later (BNPL) loans for several oversized items at many Walmart stores nationwide. Walmart has a majority stake in the startup, and the fintech is now competing with Walmart’s exclusive service provider, Affirm, for BNPL loans.
One was founded in 2021. The emerging fintech managed to snag Omer Ismail, a veteran at Goldman Sachs, as CEO. It quietly operated in small spaces in Manhattan and developed a debit account in 2022. Now, One is ready to go directly into a financial battle with Affirm, the company that has been the mainstay of loans for Walmart customers.
The nation’s largest retailer and Affirm began a partnership in 2019, and the fintech firm was the leader in BNPL loans and the exclusive provider of installment loans for the big box retailer. In late December 2023, Affirm expanded its service at Walmart stores with availability at self-checkout for eligible Walmart customers.
The San Francisco-based fintech and the Bentonville, Arkansas-based giant retailer have done a lot of business together over the past few years. Reports say that the partnership between Walmart and Affirm generated $648 billion in revenue in 2023.
One is entering this space and will be directly competing with Affirm. It is already advertising its services in Walmart stores, similar to Affirm’s.
Walmart is now offering both One and Affirm options at checkout. The interest rates range from 10 to 36 percent, depending on several factors. The two fintechs compete directly in the same Walmart locations.
Adobe Analytics reported that BNPL customers spent $19.2 billion online in the first three months of this year. Purchases through BNPL include merchandise such as electronics, jewelry, tools, accessories, and other items. The buy now, pay later option cannot be used to buy guns, groceries, alcohol, or other items.
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