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

NEW YORK, January 26, 2022 /PRNewswire/ — 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 emergence of stealth mode startup. The transactions, which are expected to close in the first half of 2022 pending approvals, give the combined company immediate momentum in its strategy to provide a single financial services app that enables consumers to get paid, spend, d save, borrow and grow their money. .

Today, millions of Americans cannot access credit, build savings or wealth, and must manage their financial lives through multiple disconnected apps. Nearly a quarter of American adults are unbanked or underbanked and about 80% of fintech users rely on multiple accounts to manage their finances.

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

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 over 200 employees and will be capitalized with over $250 million cash on the balance sheet to fund future growth.

“Consumers everywhere are being left behind by the world of financial services,” said Omer Ismail, new CEO of ONE. “Our vision is clear: to build on the success of Even and ONE to deliver a product that gives consumers the best way to spend, the best way to access their paycheck, and helps millions of people save and to make their money work. I look 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 allows employees to access their earned pay 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, businesses will be integrated into a single app that will be available to consumers everywhere as ONE, with:

• A growing world-class team: This combination brings together industry-leading teams from Even and ONE, with plans to grow ONE post-closing by recruiting top talent, including through potential mergers and acquisitions.
• The Walmart scale: Over time, the ONE app will be integrated with Walmart’s physical and digital channels, providing solutions to its 1.6 million U.S. associates and more than 100 million weekly shoppers.
• Wide availability and additional partnerships: As a standalone business and app, ONE will be available directly to consumers across the United States and through partnerships with other leading employers and merchants.

“Walmart is constantly looking for new ways to fulfill its core mission of helping customers save money and live better lives,” said John Furner, president and CEO of Walmart US and a member of the combined company’s board of directors. “Clients have made it clear that they expect more from us in the area of ​​financial services. Building a simple, personalized app that allows users to manage their money in one place is the natural next step to achieving this. We couldn’t be more excited about what this will mean for Walmart customers, associates and consumers around the world as we try to help millions of people improve their financial lives.”

“Consumers are always looking for better services, and in financial services that means transparency, access and simplicity,” said Micky Malka, Managing Partner, Ribbit Capital and Member of the Combined Company’s Board of Directors. “The combination of these world-class teams and products will give ONE a unique opportunity to deliver a new level of service and access to millions of Americans.”

Learn more about Even:
Even is a leading financial benefits platform that combines access to earned pay with powerful tools for budgeting, emergency savings, and visibility into projected net income to better support the financial health of its employees. users. To date, Even has helped over 2 million members access more than $3 billion cash on demand and set aside on $300 million for emergencies, medical bills and other unforeseen 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 Deloitte Technology Fast 500™ 2021. The application is available on even.com.

“My team and I at Even have long believed that the work we do is crucial to the millions of working Americans who live paycheck to paycheck and seek financial stability,” said David Baga, CEO of Even. “Joining forces with Hazel and ONE is a crucial step in doing the most good for the most people. With these resources and this team, we are able to create real and tangible change in the lives of those who desperately need it. I can’t wait to show the market what’s possible with tech-driven, people-driven personal finance. »

Learn more about ONE:
ONE is a fintech 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 debit card, checking and savings accounts, as well as “Pockets”, which allow users to organize their money and budget flexibly. The existing app can be found at an.app.

“There has been no shortage of fintech innovation over the past decade, but many American families have not felt the benefits in their daily financial lives,” Hamilton said. “Our mission has always been based on disrupting that reality and helping Americans adopt healthier financial habits. This combination will help us accelerate that mission, bringing our platform to customers and families who will benefit the most. more.”

SOURCE ONE