One Finance

Omer Ismail serves as CEO of the combined entity, joining from Goldman Sachs where he led the Marcus consumer banking division. Ismail brought significant digital banking experience to the role, having overseen Goldman's expansion into consumer deposits and lending. The original co-founders Bill Harris and Brian Hamilton remain involved as advisors during the transition period. Ribbit Capital and Walmart jointly oversee the firm's strategic direction through their venture partnership.

One Finance generates revenue primarily through interchange fees paid by merchants when customers use their debit or credit cards. The firm does not charge monthly account fees, minimum balance fees, overdraft fees, or subscription fees for core banking services. This interchange-dependent model is standard among neobanks and differs structurally from advisory-fee models like Personal Capital or subscription models like traditional premium checking accounts. Revenue is shared with Walmart and Ribbit Capital under the joint venture structure.

Walmart acquired a majority stake in One Finance through a joint venture with Ribbit Capital in 2022. The retailer simultaneously acquired Even, an earned-wage-access platform, and merged it with One Finance under the unified 'One' brand. Walmart integrates One's banking services into its consumer ecosystem, offering the platform to its 1.6 million U.S. associates as an employee benefit. The firm operates with strategic autonomy from Walmart's core retail operations while leveraging its distribution channels.

Yes, One Finance accounts are FDIC insured through its banking partner Coastal Community Bank, up to the standard maximum of $250,000 per depositor. Deposits are held in pooled accounts at Coastal Community Bank, which provides the underlying banking charter and regulatory infrastructure. The firm itself operates as a technology company, not a chartered bank, similar to the partnership model used by Chime and other leading neobanks.

Foundation Capital led One Finance's early venture rounds, with Core Innovation Capital also participating as a significant backer. The firm raised its initial seed funding in 2019 and a Series A in 2020, targeting the middle-income consumer segment overlooked by both premium fintechs and traditional banks. The Walmart-Ribbit acquisition in 2022 provided a liquidity event for early investors while shifting the firm's capital structure from venture-backed startup to corporate-controlled venture.