Walmart
“Can the world's largest retailer turn its 240M weekly customers and millions of marketplace sellers into a captive financial services franchise?”
Walmart, the world's largest retailer, has aggressively pushed into embedded finance over the past five years. It moved from being a distribution partner for third-party fintechs (Affirm BNPL, Capital One co-brand card) to standing up its own majority-owned fintech 'OnePay' in 2021 with Ribbit Capital, which now offers banking, BNPL, and a forthcoming Synchrony/Mastercard credit card. In parallel, on the B2B side, Walmart Marketplace launched a JPMorgan-powered seller wallet (2025) and seller capital programs with Lendistry — turning its marketplace into a financial-services distribution channel for SMB sellers.