When I joined Even this past March it was clear I was walking into a company that was built on a mission of helping improve the financial lives of those who needed it most – the millions of US workers living in the red. We evolved our strategy and developed a platform capable of solving pressing pain points for leading employers and their employees. We made Even something special, and others took notice.
This morning, we announced that Hazel signed a definitive merger agreement with us and ONE, a mobile banking company. I'm proud of what we've built together, and excited for us to be Even better as ONE.
Here are the thoughts I shared with the Even team earlier today.
As many of you know, a year ago Walmart came together with Ribbit Capital to form an independent company called Hazel with a goal of transforming the way Americans manage their money. Today, I’m excited to announce that Hazel signed a definitive merger agreement with us and ONE, a mobile banking company. The result of this merger, pending regulatory approval in the coming months, is a new combined company that will leverage the ONE brand and will be led by Omer Ismail. As ONE, we will continue our goal of evening the playing field of financial inequality with a new and exciting way that is now expanded and accelerated.
I’m sure that this comes as a shock to many of you. I get it. This is one of those butterflies in the stomach types of moments. I want to assure you that this is tremendous news for Eveners, our members and customers. This is a moment that provides Eveners with the resources and reach to help tens of millions of Americans. Before I go any further, I want to be clear that nobody’s job is at risk. On the contrary, Even is about to enter a growth mode like we’ve never experienced.
This is a critical step to doing the most good for the most people. As Eveners, we’ve internalized our mission of getting 25 million US workers out of the red by 2025. I joined Even because of just how essential our mission is, and I found inspiration in all of you and your commitment to championing financial freedom for the millions of Americans who have endured within a broken system. The combination of Even and ONE’s incredible products and teams, along with the resources of Hazel, unlock our ability to create real, tangible change in the lives of those who desperately need it.
We will continue to grow through partnerships with employers and a product that drives value for both the employer and consumer. We will now provide a leading direct to consumer experience and will be integrated inside Walmart’s physical and digital channels, providing solutions to its 1.6 million U.S. associates and 150 million weekly shoppers. This is an unprecedented opportunity that will unlock the way employees get paid and manage their money.
Naturally, there are going to be many questions in the coming hours, days, weeks, and months. We have 2 town halls scheduled for today to discuss this news and what it means, along with introducing you all to our new boss :-), Omer. I look forward to seeing you all there.
Stay tuned. We’re becoming Even better as ONE!
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