“Can Walgreens leverage its 8,000-store pharmacy footprint to become the primary financial and health services hub for everyday Americans?”
Founded in 1901 as a single Chicago pharmacy, Walgreens grew into the second-largest US pharmacy chain with over 8,000 stores. Beginning around 2020, the company launched an 'alternative profit strategy' to embed financial services into its retail ecosystem — introducing a branded bank account (via InComm Payments/Pathward), co-branded credit cards (via Synchrony), and BNPL (via Mastercard Instalments). In August 2025, Sycamore Partners completed a $10 billion take-private transaction, splitting Walgreens Boots Alliance into five standalone companies including a refocused Walgreens retail pharmacy entity.
Walgreens discloses Pathward as its banking provider, with Pathward (formerly MetaBank) as its sponsor bank, according to the Embedded Finance Index 2026.
Walgreens does not disclose a bank charter of its own; its banking services are provided through Pathward (formerly MetaBank).
Walgreens processes payments through InComm Payments (self-operated platform).
Walgreens's cards are issued through Pathward.
Walgreens's lending and capital products are provided by Synchrony.
Walgreens's investing and wealth products are powered by Fidelity Workplace Services.
The Embedded Finance Index 2026 maps 6 layers in Walgreens's stack: Payments / PSP (InComm Payments (self-operated platform)); Banking / BaaS (Pathward); Card issuing (Pathward); Lending (Synchrony, myWalgreens Credit Card, myWalgreens Mastercard and Mastercard Instalments BNPL); Sponsor bank (Pathward (formerly MetaBank)); Investing (Fidelity Workplace Services).
Walgreens was founded by Charles Rudolph Walgreen and is founded in 1901, headquartered in Deerfield, Illinois, USA.
Get a read on where your own stack stands against Walgreens and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.