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Walmart is using its own fintech firm to provide credit cards after dumping Capital One
CNBCยท 2025-06-09 14:51
Core Insights - Walmart's fintech startup OnePay is launching new credit cards in partnership with Synchrony, marking a shift from its previous relationship with Capital One [1][2] - The Walmart card program previously had 10 million customers and approximately $8.5 billion in outstanding loans [3] Company Developments - OnePay was established by Walmart in 2021 with Ribbit Capital and will manage the customer experience through its mobile app [2] - Walmart ended its exclusive partnership with Capital One in 2023, leading to a lawsuit against the bank to expedite the exit [2] Industry Trends - OnePay's strategy to partner with established players like Synchrony and Klarna indicates a trend of fintech companies leveraging existing financial institutions to scale quickly [3][4] - The collaboration with Klarna for buy now, pay later loans further emphasizes OnePay's approach to expanding its financial services offerings [4]