Walmart-backed fintech OnePay has reached 6 million monthly active users and $50B in annualized payments, both double their figures from a year ago, according to people familiar with the company's results. The app, which lets users load debit and credit cards and earn redeemable points, recently nabbed a $4B valuation and also offers a checking account, a crypto investing platform, and a buy now, pay later service. Backed by Walmart and Ribbit Capital's Micky Malka, OnePay leans on the retailer's data and distribution, with two-thirds of users who sign up via Walmart adding at least one more financial product. The company, with roughly 600 employees and led by ex-Goldman Sachs executive Omer Ismail, is pursuing a WeChat-style “super app” model, though no U.S. fintech has pulled that off. OnePay isn't seeking a bank charter for now, working with partners Coastal Community Bank and Lead Bank.
