Walmart-backed financial startup buys 2 companies

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — The financial technology startup that Walmart is backing will buy two financial companies as it tries to create one app where shoppers can do different financial activities from getting paid to borrowing and saving money. The venture called Hazel will purchase Even, a financial benefits platform that enables employees to access their earned wages early. It’s also buying ONE Finance Corp. which combines saving, spending and borrowing in one account. The combined business will operate under ONE. The transactions are expected to close in the first half of this year. Walmart’s moves shows how it’s stepping up the pace in using its clout in the banking world.