Walmart is expanding its banking offerings.

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One, a fintech firm funded by Walmart, will provide beta checking accounts to tens of thousands of Walmart employees and a small proportion of its online consumers.

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According to the sources, the financial technology company intends to make its services available to the general public within the next year,

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Before that, it intends to give Walmart's 1.6 million workers accounts. The company also provides loans and invests.

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After nearly two decades at Goldman Sachs, where he led the consumer banking business Marcus, Omer Ismail joined One a year ago.

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Because it has a banking charter, Coastal Community Bank serves as the central support structure for the whole financial system.

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Even though it is majority owned by Walmart, the other company operates independently from the retail juggernaut.

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The financial technology company was established as a direct result of an investment made by Ribbit Capital in January of 2016.

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