Walmart-backed fintech startup Hazel has exited stealth mode and announced the acquisitions of Even Responsible Finance (Even) and One Finance (One). The transaction is expected to close in the first half of 2022.

Following the acquisitions, the combined business (to be known as ONE) will be led by Omer Ismail (incoming CEO, ONE), while David Baga (CEO, Even) and Brian Hamilton (co-founder, One) will retain key leadership positions. The combined entity will have over 200 employees and more than USD 250 million in funds earmarked for future growth.

Even is a financial benefits platform that allows users to gain early access to earned wages, and provides a range of personal financial management tools for budgeting, savings, and forecasting earnings. The platform has a user base of over 2 million users at present.

One offers banking services to individuals via a web portal and a mobile app. The company aims to streamline the banking process by integrating savings, spending, and borrowing into one account— a reflection of what the company’s name stands for and particularly focuses on serving the country’s middle-class segment.

Through the acquisitions, Hazel aims to leverage Even and One’s established platforms to create a financial super app where users can combine saving, spending and borrowing in a single account. The combined platform will be available to users as ONE.

Walmart’s fintech venture with Ribbit Capital was announced in January 2021, with a patent filing in April 2021 revealing its name as Hazel by Walmart and listing several possible features, including credit and debit cards, bill payment services, and credit line issuing.