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Hazel Announces Definitive Merger Agreements with Even and ONE to Build a Business That Empowers Consumers to Improve Their Financial Lives

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Hazel, the independent fintech launched in partnership with Walmart and leading investment firm Ribbit Capital, today announced that it has entered into definitive agreements to acquire fintech platforms Even and ONE, marking the startup’s emergence from stealth mode. The transactions, which are expected to close in the first half of 2022 pending approvals, equip the combined business with immediate momentum in its strategy to deliver a single financial services app that empowers consumers to get paid, spend, save, borrow and grow their money.

Millions of Americans today can’t access credit, build savings or wealth and are left to manage their financial lives through multiple disconnected apps. Almost a quarter of U.S. adults are unbanked or underbanked and roughly 80% of fintech users rely on multiple accounts to manage their finances.

The combined business, which will operate under the brand name ONE, will provide users with an all-in-one financial services app to holistically manage their finances in one place. The company’s products and services will be made available directly to consumers and through employers and merchants, including access to Walmart’s 1.6 million U.S. associates and 100 million-plus weekly shoppers.

Omer Ismail will lead the combined business as CEO of ONE. David Baga, CEO of Even, and Brian Hamilton, co-founder of ONE, will remain in key leadership positions. Upon closing of the transactions, the combined business will have more than 200 employees and be capitalized with more than $250 million in cash on the balance sheet to fund future growth.

“Consumers everywhere are being left behind by the world of financial services,” said Omer Ismail, incoming CEO of ONE. “Our vision is clear: build on Even and ONE’s success to offer a product that offers consumers the best way to spend, the best way to access their wages and helps millions save and grow their money. I’m looking forward to partnering with two stellar leaders in Brian and David to improve the financial lives of tens of millions of consumers.”

The moves bring together two established platforms in Even, a financial benefits platform that enables employees to access their earned wages on-demand, budget and save, and ONE, a direct-to-consumer fintech that partners with Coastal Community Bank to seamlessly combine saving, spending and borrowing in one digital account. Together, the businesses will be integrated into a single app that will be available to consumers everywhere as ONE, along with:

  • A growing world-class team: This combination brings together industry-leading teams from Even and ONE, with plans to expand ONE post-close by hiring best-in-class talent, including through potential M&A.
  • The scale of Walmart: Over time, the ONE app will be integrated inside Walmart’s physical and digital channels, offering solutions to its 1.6 million U.S. associates and 100 million-plus weekly shoppers.
  • Broad availability and additional partnerships: As a standalone company and app, ONE will be available directly to consumers across the U.S., and through partnerships with other leading employers and merchants.

“Walmart is constantly looking for new ways to deliver on our core mission of helping our customers save money and live better,” said John Furner, president and CEO, Walmart U.S. and board member of the combined business. “Customers have made it clear that they want more from us in the financial services arena. Creating a simple, personalized app that allows users to manage their money in one place is the natural next step toward fulfilling that. We couldn’t be more excited about what this will mean for Walmart customers, associates and consumers everywhere as we try to help empower millions to improve their financial lives.”

“Consumers are always seeking better services, and in financial services this means transparency, access and simplicity,” said Micky Malka, managing partner, Ribbit Capital and board member of the combined business. “The combination of these world-class teams and products will give ONE a unique opportunity to bring a new level of service and access to millions of Americans.”

More about Even:
Even is a leading financial benefits platform that pairs earned wage access with powerful tools for budgeting, emergency savings and visibility into projected net earnings to better support the financial health of its users. To date, Even has helped over 2 million members access more than $3 billion in on-demand pay and set aside over $300 million for emergencies, medical costs and other unexpected expenses. Leading employers like Walmart, PayPal, Noodles, Humana and Mattress Firm partner with Even to invest in the financial health of their workforce. Even recently ranked among the fastest-growing companies in North America on the 2021 Deloitte Technology Fast 500™. The app can be found at even.com.

“My team and I at Even have long believed that the work we’re doing is crucial for the millions of U.S workers living paycheck to paycheck who are seeking financial stability,” said David Baga, CEO of Even. “Joining forces with Hazel and ONE is a critical step to doing the most good for the most people. With these resources and this team, we’re able to create real, tangible change in the lives of those who desperately need it. I can’t wait to introduce the market to what is possible with people-first, technology-enabled personal finance.”

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More about ONE:
ONE is a fintech company co-founded in 2019 by Brian Hamilton. The company partners with Coastal Community Bank to seamlessly combine saving, spending and borrowing into one account, offering a debit card, checking and savings accounts, along with “Pockets,” which allow users the ability to organize their money and budget flexibly. The existing app can be found at one.app.

“There has been no shortage of fintech innovation in the last decade — yet many American families haven’t felt the benefits in their daily financial lives,” said Hamilton. “Our mission has always been grounded in disrupting that reality — and helping Americans build healthier financial habits. This combination will help us accelerate that mission, delivering our platform to customers and families who will benefit most from it.”

SOURCE ONE

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Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)

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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.

Chime’s Quiet Step Toward Public Markets

Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.

With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.

Source: Bloomberg

ZBD’s Pioneering Achievement: EU MiCA License Approval

ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.

MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.

Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.

Source: Coindesk, PR Newswire

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The Fintech-Credit Union Synergy: A Blueprint for Innovation

The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.

This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.

Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.

Source: PYMNTS

Tackling Student Loan Debt: A Fintech’s Mission

Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.

The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.

As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.

Source: RBJ

Industry Implications and Takeaways

Today’s updates underscore several key themes shaping the fintech landscape:

  1. Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
  2. Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
  3. Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
  4. Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.

 

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SPAYZ.io prepares for iFX EXPO Dubai 2025

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Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.

SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.

Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.

“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”

Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.

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Airtm Enhances Its Board of Directors with Two Strategic Appointments

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Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.

“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”

Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.

Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.

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