Walmart rocked the banking world earlier this year when it announced plans to start a fintech company.
Still shrouded in mystery, Walmart Inc.’s fintech company now has a possible name: Hazel by Walmart.
The world’s largest retailer registered a trademark on the name on March 29, which gives clues as to what the startup could actually do. The US Patent and Trademark Office application includes a host of financial services the startup could potentially offer, from issuing credit cards to providing credit repair services. The list even includes financial portfolio analysis and advice, which suggests that Walmart may target more affluent customers as well as its traditional low-income customer base.
A Walmart spokesperson declined to comment.
The backrest also displays a logo for “Hazel by Walmart,” a stylized black logo where the “a” in Hazel is a counterclockwise rotating top sign, with “by Walmart” in small print below the name.
Walmart rocked the banking world earlier this year by unveiling the fintech startup, a partnership with Ribbit Capital, an investor in the Robinhood stock trading platform. The companies said they would launch an independent business that “will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver technology-driven, customer-friendly financial experiences. and Walmart associates, ”according to a statement.
Since then, Walmart has poached a pair of senior Goldman Sachs bankers to help run the startup, but has said nothing else about what it might do. At an investor conference in February, Walmart CEO Doug McMillon only said that customers “want more from us in terms of financial services and this new approach will help us respond to them in a differentiated way faster.
The list of potential deposit services also includes credit and debit card transaction processing, mobile payments, as well as “virtual currency transaction processing services”. The filing was not approved and is “pending review,” according to the patent and trademark office.
FinTech, or fintech, companies aim to empower consumers to save, borrow, and invest online or over the phone without having to do business with a traditional bank. Walmart will own the majority of the new business, but did not provide more specific details.