Home World News 'Walmart's Hazel': US retailer hint on fintech unit details | Banking...

‘Walmart’s Hazel’: US retailer hint on fintech unit details | Banking news


Walmart shook the banking world earlier this year when it announced plans to start a financial technology company.

Walmart Inc.’s financial technology venture, still under wraps, now has a possible name: Hazel by Walmart.

The world’s largest retailer filed a trademark application for the name on March 29, in the process, in the process of giving clues as to what the startup could actually do. Applications with the US Patent and Trademark Office cover a wide range of financial services a startup can provide, from issuing credit cards to providing credit repair services. The list even includes financial-portfolio analysis and advisory, which shows that Walmart can target richer customers along with low-income traditional groups. than.

A Walmart spokesperson declined to comment.

The profile also displays a logo for “Hazel by Walmart”, a stylized black logo where the “a” in Hazel is a larger symbol that is rotated anticlockwise, with “by Walmart”. in small letters below the name.

Walmart shocked the banking world earlier this year when it announced its fintech startup, partnering with Ribbit Capital, an investor in stock exchange platform Robinhood. The companies say they will start an independent venture “that will combine Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver technology-based financial experiences that match Walmart customers and associates, ”according to a statement.

Since then, Walmart has been searching for a pair of Goldman Sachs senior bankers to help lead the startup, but said nothing else about what it could do. At an investor conference in February, Walmart CEO Doug McMillon would just say that customers “want more from us about financial services, and this new approach will help us provide for they differentiate more quickly. ”

The profile’s list of potential services also includes credit and debit card transaction processing, mobile payments, and a “virtual currency transaction processing service”. According to the patent and trademark office, the application has yet to be approved and is “pending examination”.

Fintech companies, or fintech, aim to provide consumers with ways to save, borrow and invest online or over the phone without having to deal with traditional banks. Walmart will own the majority of the new venture, but will not provide specifics.



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